Enifer, an Espoo, Finland-based mycoprotein company, raised €36M in funding.
The round comprised:
- a new €15M Series B equity funding round led by the Finnish private equity fund Taaleri Bioindustry Fund I, with follow-on investments from existing shareholders Nordic Foodtech VC, Voima Ventures, Valio, and Laine Holding.
- A €7M capital loan from the Finnish Climate Fund, which has extended to support the project.
- A €2M Climate and Environmental Loan provided by Finnvera.
- This funding comes on top of the previously reported €12M recycling and reuse investment grant from Business Finland, making the factory fully funded.
A spin-off company from VTT Technical Research Centre of Finland founded in 2020 and led by CEO Simo Ellilä, Enifer develops and commercializes the proprietary PEKILO® technology that enables the biotechnological conversion of dilute side streams into a high-protein ingredient, PEKILO® mycoprotein.
The process was originally developed and used by the Finnish forest industry at a commercial scale. Enifer already has ongoing partnerships with big global companies in the feed and food industries, such as Skretting, the global aquafeed division of Nutreco, Purina for pet food, and Valio for consumer food products.
The company intends to use the funds to start constructing a food-grade mycoprotein factory in Kirkkonummi, Finland. The factory will produce up to 3,000 tons of PEKILO® a year, which is enough to cover the annual protein needs of approximately 40,000 people.
FinSMEs
23/05/2024