Mycorena has closed the largest ever Nordic Series A funding round in the alternative protein space, securing €24M to help commercialise its fungi-based protein solution.
Based in Sweden, the company manufactures Promyc, a fungi-based protein, and the latest raise takes the company’s total funding beyond €35 million.
Sourced primarily from equity but also from debt secured for the construction of a first-of-its-kind production plant, the funds will be used to take Promyc from a demonstration-scale innovation to a commercialised high value product.
Chief Financial Officer, Anton Johansson, said “This milestone is an embodiment of the exponential progress we’ve made in the last year. In one go, we have raised more capital than through all previous financing rounds combined, and our total funding has more than tripled.”
Launching in 2019, Mycorena established its headquarters and demonstration plant, the Mycorena Innovation and Development Centre, in 2021. The Centre is the largest facility of its kind in Europe and has enabled rapid scale-up, IP generation and product development.
The focus now is on the Promyc Production Plant, currently under construction in Falkenberg, Sweden. Set to be operational in early 2023, the facility is expected to be the first ever mycoprotein manufacturing facility in the Nordics.
“Thanks to our recent rapid growth and the expansion of the Mycorena Innovation and Development Centre, we have been able to scale at a pace that we never thought possible. Funds raised from the current Series A round will be instrumental in elevating our trajectory even further. It allows us to invest heavily in both innovation and growth and, most importantly, bring us one step closer to commissioning the first-of-its-kind and globally unique Promyc Production Plant”, said Ramkumar Nair, founder and Chief Executive Officer.
Mycorena is also bolstering its commercial product development of vegan food products using Promyc as the key ingredient, while also working with large food companies on hybrid products containing Promyc and other plant-based ingredients.