Finnish mycoprotein biotech Enifer secures €36 million to scale up

The company, which produces PEKILOaqua® mycoprotein for fish and shrimp feed, will produce 3,000 tons of human food-grade PEKILO® mycoprotein per year once its new factory is fully operational.
Enifer is a biotech start-up based in Espoo, Finland, founded in 2020.

Enifer is a biotech start-up based in Espoo, Finland, founded in 2020.

Photo: Enifer.

Aqua-Spark portfolio company Enifer, a mycoprotein producer based in Espoo, Finland, has secured funding to construct a unique food-grade mycoprotein factory in Kirkkonummi, Finland.

The company uses biofermentation technology to produce mycoprotein from industrial side streams. Its aquafeed ingredient, PEKILO®aqua, utilises agri- or forest industry by-products, achieving 65% crude protein content and high levels of nucleotides and beta-glucans.

Enifer now hopes to ramp up its capacity for human-grade food ingredients with its €33 million factory, due to be completed by the end of 2025, which will use food industry side streams to produce sustainable PEKILO® fungi-based food-grade protein ingredients. With an annual production capacity of 3,000 tons, Enifer's new facility will be the first commercial plant to produce such a protein from by-product materials.

Funding for the project includes €15 million from a Series B equity round led by Taaleri Bioindustry Fund I, with contributions from existing investors Nordic Foodtech VC, Voima Ventures, and Valio. Additional funds include a €7 million junior loan from the Finnish Climate Fund, a €2 million Climate and Environmental Loan from Finnvera, and a €12 million investment grant from Business Finland.

Enifer says it will seek Novel Foods approval for PEKILO® in 2024, and expects approval in 2026. The company plans to expand its production with several future factories.

"Mycoprotein is the missing ingredient for a more sustainable food chain – the facility in Kantvik serves as a key steppingstone on our path to making mycoprotein a cornerstone of protein supply, with several future factories already being planned,” said Simo Ellilä, CEO and co-founder of Enifer.

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