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Enifer secures €36M to scale mycoprotein production in Finland

May 23, 2024 1 min read

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Finnish biotech startup Enifer has raised €36 million to build a commercial-scale facility for its Pekilo mycoprotein in Kirkkonummi, Finland. The funding includes a €15 million Series B round led by Taaleri Bioindustry Fund I, with additional investments from Nordic Foodtech VC, Voima Ventures, Valio, a €7 million junior loan from the Finnish Climate Fund, a €2 million loan from Finnvera, and €12 million from Business Finland. The new factory, expected to be completed by 2025, will cost €33 million and aims to produce up to 3,000 tons of mycoprotein annually.

The facility will utilize food industry by-products to create Enifer's sustainable PEKILO fungi-based protein ingredients. The production capacity is projected to meet the annual protein needs of approximately 40,000 people. The remaining €3 million from the funding will be allocated for research and development as well as ongoing projects. Enifer's mycoprotein, characterized by its neutral taste and color, can be used in human foods, pet food, and aquaculture feed. The company plans to apply for Novel Foods approval in 2024 and expects to receive it by 2026.

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