Swedish startup Mycorena, an alternative protein startup, has announced raising €1.2 million from a consortium of investors. The funds will finance a new industrial production plant in Falkenberg, Sweden, and help their product reach the mass market.
Founded in 2017, this biotech and foodtech startup is on a mission to create sustainable and environmentally friendly waste management solutions for food and agriculture. In early 2020, the team made headlines with the launch of their unique fungi-based protein ingredient, Promyc. The product is an alternative to both meat and traditional plant-based proteins such as soy and pea. This year, the startup expanded its product development and production operations at the Promyc Innovation Center, in Gothenburg.
The new investment round attracted investors from FBG Invest, Bertebos Foundation, 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.
Jan Melkersson, head of Business Development Unit at Falkenberg Municipality, commented: “Mycorena is one of the most promising foodtech startups in Sweden. 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.
“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 and CEO of Mycorena.