Mycorena develops Promyc, a proprietary filamentous-fungi mycelium protein produced via fermentation in custom-designed bioreactors for use in vegan meat alternatives. The company intends to license Promyc to other food producers for B2B applications and sell in B2C channels as it commercializes the product. It already has B2B partnerships in progress, including with the ICA group to launch mycoprotein nuggets in Sweden, and launched a fungi-based fat product last year to enhance flavor in vegan foods. Mycorena runs an EU-backed LIFE RE:FOOD project that upcycles bakery and mill side-streams as fermentation feedstock, with the project expected to run until 2024. The company has begun construction on what it calls the first commercial-scale mycoprotein manufacturing plant in the Nordics, slated to be operational by 2023 and located close to major food and beverage manufacturers. The recent financing will support moving Promyc from prototype to commercialization in both B2B and B2C capacities. Mycorena develops Promyc, a fungi-based protein ingredient positioned as an alternative to both meat and conventional plant proteins like soy and pea. The company was founded in 2017 and has expanded product development and production at its Promyc Innovation Center in Gothenburg. Mycorena says Promyc offers superior taste and texture and can scale faster than other plant-based options, attracting interest from large and small food companies. The startup’s stated mission includes creating sustainable, environmentally friendly waste-management solutions for food and agriculture. The newly raised funds will finance an industrial production plant in Falkenberg and support efforts to reach the mass market. Mycorena is also funded by EIT Climate-KIC Nordics.

Total raised

$28M

Funding rounds

3

Latest round

Series A

Latest activity

Mar 2022