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European Innovation Council

EIC funded biotechnology company Mycorena raised €7.5 million in Pre-Series A Funding

Mycorena, a Scandinavian mycoprotein pioneer company, has announced the completion of a Pre-Series A funding round of €7.5 million (SEK77 million).

plant based food
Mycorena is developing fungi-based, next-generation vegan protein ©Canva
© Canva

The new investment will support Mycorena's acceleration and scaling up of its production. 

The EIC funded startup's total amount of external funding surpassed €10 million (SEK100 million) with this investment round. The Pre-Series A was led by VEOS Group, a leading Belgian supplier of proteins and functional ingredients, with other new and existing investors, including FBG Invest and Bånt AB, two of the largest shareholders of Mycorena. 

Paulo Teixeira, Chief Innovation Officer of Mycorena, explained how this funding round will support the company's growth and industrialization of processes.

We are scaling up processes in our pilot facility and working on the construction of our demo/commercial-scale facility here in Sweden", he mentioned. “The following steps will include more partnerships with food companies and potential customers, develop our technology to create and scale unique products, and push products into the market as real field trials.

Mycorena received a grant from the European Innovation Council to develop a circular fungi-based high-protein feed solution for aquaculture. 

Read the full story on the EIC Community platform