Startups doing alternative food in the Nordics - a list of the most promising 25 of them.

18 August 2020 Euro Lists
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Here's the deal: the food industry is the 6th largest industry in terms of capital invested and accounts for 5% of the total amount of capital invested in Europe in 2019.

Moreover, the foodtech investments in Europe have a 17% share of the global amount of invested capital, and the European foodtech unicorns accounts for 20% of the global number of foodtech unicorns.

This is according to a great article put together by Trellis Road, a recently-founded Swedish investment fund with a focus on the food future. If you're into the future of food, we encourage you to dig into it, as well as into the reports they gathered the data from: Atomico’s Euro 2019, Five Seasons’ Euro FoodTech 2019 and AgFunder’s Euro Agri-FoodTech 2020.

Our own investment data covering the Nordic food-related investments shows:

- in 2019 we tracked 51 investment deals with $350 million of value.
- in 2020, H1, we tracked 24 deals with a total value of about $200 million

Besides those transactions, fact is that we have seen in the past years a great deal of food initiatives in the Nordics. Sometimes it is hard to account for all the interesting, sometimes non-profit, contributions when tracking investment deals, which is the purpose of N9.

Now, the guys at Trellis call them high-impact foodtech and agtech startups - the way we look at them is much more simplified.

On one hand we have providers of alternative foods - aka food products produced either in an alternative (better) way or by using different ingredients. Even though sometimes they may seem weird in a commercial way, in time can represent alternatives to what is consumed right now. Examples can be products which are insect-based or plant-based.

And, on the other, pure and simple healthier food providers - aka products which, due to a different manufacturing process or different ingredients, promise improved, healthier food. Such examples can be sugar-free icecreams or additive-free snacks.

And so we screened through our DBs of about 300 food startups and made a selection of what we think it is interesting these days in the Nordics.

We split the list in two - one with companies which we believe are highly contributing to the food alternative development, and the other with business initiatives that provide a healthy iteration of what we have available now in the food market.

This report deals with the alternative food producers, 25 of them to be more precise.




Havredals, founded by CEO Per-Johan Thörn and based in Uppsala, produces plant-based alternatives to dairy products and meat. The company launched its first product early in 2020 - a new type of oatmeal drink which contains about 40 percent more oats than other oat beverages.



Mycorena, based in Gothenburg, founded in 2017 and led by CEO Ramkumar Nair, develops an alternative protein while recycling industrial waste, using a fungi-based process re-using waste and water towards 100% vegan and sustainable protein. The company envisions its product to become the protein ingredient of choice for food producers who want more than what the traditional plant-based proteins can offer whilst creating a positive impact on the environment.

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Access Startups doing alternative food in the Nordics - a list of the most interesting 25 of them.

The report includes:

  • 11 companies from Sweden
  • 7 companies from Finland
  • 4 Danish and 3 Norwegian ones
  • short description of the company, the name of their respective CEOs and investors, and their funding status


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