The mycoprotein startup Enifer, situated in Espoo, Finland, has raised €36 million in capital.
The group that made up the round was:
- A fresh €15 million Series B equity fundraising round, spearheaded by the Finnish private equity firm Taaleri Bioindustry firm I, with subsequent investments from Nordic Foodtech VC, Voima Ventures, Valio, and Laine Holding, among other current shareholders.
- A €7 million capital loan from the project’s sponsor, the Finnish Climate Fund.
- A €2 million loan from Finnvera for climate and environmental projects.
- The facility is completely financed thanks to this money in addition to the previously announced €12 million recycling and reuse investment grant from Business Finland.
Use of funds
The business plans to start building a mycoprotein plant in Kirkkonummi, Finland, that will produce food-grade mycoproteins. Up to 3,000 tons of PEKILO® will be produced annually by the plant, more than meeting the yearly protein requirements of almost 40,000 individuals.
Originally, the Finnish forest industry developed and used the method on a business basis. Enifer already maintains collaborations with major international feed and food firms, including Purina for pet food, Valio for consumer food products, and Skretting, the worldwide aquafeed branch of Nutreco.
About Enifer
Enifer, a 2020 spin-off from the VTT Technical Research Centre of Finland, is run by CEO Simo Ellilä. Its exclusive PEKILO® technology, which permits the biotechnological conversion of diluted side streams into a high-protein component, PEKILO® mycoprotein, is developed and marketed by Enifer.
