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Mycorena Raises € 1.2 Million Funding Amidst the Global Corona Crisis

In early 2020, Swedish foodtech start-up Mycorena had made headlines by launching their unique fungi-based protein ingredient, Promyc®. Growing at full strength, the company has now raised over 1.2 Million EUR to fund the scale-up expansion of the product to reach the mass market.

It was only a year ago that the company set their focus toward the use of their novel fungi-based protein as an ingredient in vegan food products. The protein, launched under the brand name Promyc®, has since been attracting huge interest as an alternative to both meat and traditional plant-based proteins such as soy and pea. In the beginning of 2020, the company had expanded its operations to their product development and small-scale production facility, the Promyc Innovation Center, in Gothenburg. 

Now, amidst the most troubling times for businesses worldwide, Mycorena announces its successful funding round, totaling 1.2 Million EUR to expand their production and scale-up activities.

The new investment round attracted investors from FBG Invest (an Industrial Investor Network based in Southern Sweden), Bertebos Foundation (owners of Swedish food companies Berte Qvarn, SIA Glass), Falkenbergs Sparbanks Foundation, investors from GlassWall Syndicate and the company’s existing investors, Bånt AB, Plantbase Foundation and Kale United AB. The company is also funded by EIT Climate-KIC Nordics.

The secured investment will finance the sustainable growth of the company initiating their first small-scale industrial production plant in Falkenberg, a region hosting several large-scale food manufacturers in Sweden.

Promyc chicken-like bites

Mycorena is one of the most promising foodtech start-ups in Sweden – states states Jan Melkersson, head of Business Development Unit at Falkenberg Municipality. – We are really glad to have Mycorena’s production facility in Falkenberg and it’s our first step towards attracting more start-ups within the foodtech space and transform the region to be the Silicon Valley of Foodtech in the Nordics.

The company envisions Promyc to become the protein ingredient of choice for food producers who want more than what the traditional plant-based proteins can offer whilst creating a positive impact on the environment. Mycorena has got a huge interest from both large and small food companies that wants a new alternative with great taste and texture, but also locally produced and capable of scaling up much faster than any other plant-based options, said Ebba Fröling the COO at Mycorena. To achieve this, Mycorena will continue to scale up their production capacity as well as exploring additional product applications of Promyc in the coming months to expand their customer portfolio.

People are becoming more aware of the importance of having a healthy and sustainable food system, especially at these times when the world is facing a crisis. This awareness is reflecting in the huge boom of the plant-based and non-meat alternative protein segment around the globe. We are really glad to be part of that movement and strongly believe that Promyc is capable of making a disruption within the vegan protein segment – says Ramkumar Nair, Founder & CEO of Mycorena.

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