Mycorena Raises SEK 77 Million in Pre-Series A Funding to Accelerate Growth and Production Scaleup
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Scandinavian mycoprotein pioneer Mycorena AB announces the completion of its Pre-Series A funding round, of SEK 77 million. This is one of the largest investment rounds by a Nordic vegan food-tech startup, which pushes the total external funding of the company to well beyond the 100 MSEK. The capital will primarily be used to prepare the company for rapid commercialization through aggressive expansion of its team, R&D and IP capabilities, and production scaleup.
Headquartered in Gothenburg, Sweden, Mycorena was founded in 2017 as a spin-out from the research made by the founder and CEO Ramkumar Nair, and the company is now one of the global leading manufacturers of mycoprotein and one of the fast-growing food-tech start-ups in Sweden. Mycorena’s flagship mycoprotein ingredient, Promyc, is already being tested as a protein ingredient in several commercial vegan products sold in Scandinavia.
To further expand their business, Mycorena has previously announced plans to construct a new production site in Falkenberg, Sweden. The plant, aiming to be operational in mid-2022, will be Scandinavia’s first-of-its-kind facility for large-scale manufacturing of mycoprotein. With the closing of this investment round, the ambitious project to build large-scale Promyc production capacity can now be fully kickstarted.
“Upscaling our product has been in our focus for this year and with the new funding, we will fast-track our path to commercialization of our technology and product“, says Ramkumar Nair, founder, and CEO of Mycorena.
The investment round was led by the Belgium-based VEOS Group, a leading global supplier of proteins and functional ingredients. The majority of the company’s existing investors, including FBG Invest and Bånt AB, two of the largest shareholders of Mycorena, have also participated in the round together with several new investors.
“I have followed Mycorena for many years and seen how they have developed as a company. With the worldwide proteins shift in full the development, I have no doubt of the brilliant future that lies ahead of them”, says Robert Slee, of the VEOS Group.
“FBG Invest had joined Mycorena at an early stage and a mutual trust has since long been created between us and the Mycorena Team. Sustainable protein is the future of food production, and moving on to demonstrate its large-scale production, will take the company much further in its growth”, says Jörgen Hallgren of FBG Invest.
“I strongly believe in the prospects of Mycorena and feel very excited to be able to continue supporting a great team with a great product in an extremely attractive global market”, comments Sverker Forsén, Bånt AB.
Mycorena has also posted the following to express their appreciation:
“This raise not only marks the start of an extremely successful 2021, but also the beginning of our next phase of growth. The funds will be invested in technology & IP development, upscaling the manufacturing of #Promyc, commercialization efforts, and growing our stellar team.’’ – says Ramkumar Nair, founder & CEO.
The Mycorena team is million times grateful to all who have put their faith in them by participating not only with capital, but with decades of entrepreneurial, commercial and industrial excellence.
Extra big thanks to our lead investors VEOS group, Robert Slee, Wim Slee, and Isabel Veys for expertly leading the round and supporting us in closing the round way beyond our expected target raise by over 28%. 💚
An immense gratitude to all new and existing investors - FBG Invest Group - Jörgen Hallgren, Roger Wiklund, Per-Olof Andersson and the rest of the members of FBG Invest group; Sverker Forsén, GU Ventures, Kale United, Falkenbergs Sparbank, Berte Qvarn AB, and all others for their continued support and belief in our vision!💚
Mycorena team is grateful to all the support and guidance from their Board: Tore Sveälv, Christine Bjärkby and David Bendz; their promoters and partners at GU Ventures - Klementina Österberg (fd Jozsa), Sofia Hjelmberg; Falkenbergs kommun - För företagare, Falkenbergs kommun - Jan Melkersson, Mattias Fornell, Paul Klinteby, David Andersson; Advokatfirman Delphi - Erik Nylander, Daniel Lennartsson Anderås, Grant Thornton Sweden - Maria Svantesson, Henrik Leandersson and all of their collaboration partners from both Sweden and abroad! 💚🤗🙌
-> Make sure to stay tuned for further news on Mycorenaäs refuelled growth journey. The future is always Fungilicious! 🍄
#funding #startups #investment #growth #mycoprotein #fungi
#promyc #vegan #foodtech #alternativeproteins #Sweden #Gothenburg
About Mycorena
Mycorena AB, is a Gothenburg based Swedish biotechnology company, developing alternative protein from edible fungi. Mycorena uses a unique patent protected technology that uses food industry waste or side streams to produce 100% vegan protein. Their protein brand, Promyc™ was launched this summer, aiming to solve the current protein challenges faced by the food and feed industries. Mycorena’s process is heavily oriented towards the circular economy approach, where high value protein is being created from the food industry waste with fungal biotechnology, which in practice means the up-scaling of industrial waste streams to generate new revenue source for the food industries.
Mycorena had so far received several recognition and start-up awards both at home and abroad. The company is now building their first demonstration pilot plant facility in Sweden, which upon completion will be Scandinavia’s first demo facility for producing alternative fungi- based protein product.
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