Foodtech start-up to ramp up production of climate-smart protein
Gothenburg start-up Mycorena has raised over EUR 1.2 million to expand their production and take its innovative protein to mass market.
“One of the greatest challenges we are facing today is how to feed a growing world population in a sustainable and nutritious way - and investors have discovered this market opportunity,” says Business Region Göteborg’s Iris Öhrn.
Mycorena produces a fungi-based protein ingredient, which is a climate-smart and resource efficient alternative to both meat and traditional plant-based proteins, such as soy and pea.
“The food industry is now having a huge need for finding new and sustainable vegan food products, and the only way to match those needs is to create things differently,” says Ramkumar Nair, founder and CEO of Mycorena.
While fungi-based proteins are not unique, Mycorena uses different fungi that it says improve the texture and nutrition. It also has an innovative circular approach, where it creates its protein from wasted resources from the food industry.
“Our technology, and our products, are not conventional, and that’s exactly what makes everything around Mycorena so exciting. We have developed a unique business approach, a unique product, and more importantly, an exciting community of promoters that believe in building a sustainable and healthier future with us,” says Ramkumar Nair.
FIRST CONSUMER PRODUCT REACHES THE SHELVES
The company’s product, Promyc, was announced in September last year. A few months later, the start-up opened a development and production facility at Ringön in Gothenburg. Now, with the new secured funds, the company will further expand its production capacity by starting a small-scale industrial plant in Falkenberg, outside of Gothenburg.
“We are now launching our first consumer product, the first time that our fungi protein, Promyc, will be on the shelf and available for consumers. In the future, our goal is to collaborate with other food companies and create a range of vegan products containing Promyc, instead of the currently popular soy or pea. We believe Promyc as a new ingredient can create a real impact on the vegan protein space that is growing so massively around the globe,” says Ramkumar Nair.
Attracted local and international investors
The new investment round attracted Swedish and international investors, including FBG Invest, the Berbetos Foundation, Kale United and the Dutch company Plantbase.
“Every year, 66 billion animals are slaughtered for food as we eat approximately 0.1 tons of meat per person each year. A future where meat consumption is sustainable and balanced is going to require major changes. Bioeconomy has a pivotal role to play in a transition to a more circular, sustainable and resource-efficient society,” says Iris Öhrn, investment advisor for life science and foodtech at Business Region Göteborg.
“One of the greatest challenges we are facing today relates to how to ensure that the growing population has access to sustainable and nutritious food. Investors have discovered this growing market opportunity, which in combination with accelerated innovation and regulatory changes, are making this field quite attractive for generating a positive environmental impact alongside a good financial return. We wish Mycorena the best of success,” says Iris Öhrn.
Fact box - Mycorena
Office locations: Headquarters at the Stena Center, Gothenburg; Production at Ringön, Gothenburg
Number of employees: 8
Thoughts on Business Region Göteborg: “We view BRG as an incredibly important force for fostering innovation and entrepreneurship in the region, and we are thankful for all of the support they have given us on our journey, especially when we needed help with business contacts abroad, like investors and partners,” says Ramkumar Nair.
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To learn more about foodtech opportunities and the life science industry in Gothenburg, as well as how we can help you establish, grow or innovate in the region, please contact:
Investment advisor life science at Business Region Göteborg
+46313676130 or email@example.com