Mycorena completes funding up to EUR 1.2M, adds more investors in the company.

Mycorena, a Gothenburg, Sweden-based foodtech start-up announced the completion of a EUR 1.2 Million capital investment rond.

The deal was backed by Swedish investors including FBG Invest, Bertebos Foundation, Falkenbergs Sparbanks Foundation, GlassWall Syndicate and Plantbase Foundation. The company is also funded by EIT Climate-KIC Nordics..

The transaction includes a SEK 4.5 million funding from existing investors closed a few months earlier.

Proceeds will be used to fund the scale-up expansion of the product to reach the mass market, and finance a new industrial production plant in Falkenberg, Sweden.

 Mycorena, founded in 2017 and led by CEO Ramkumar Nair, produces plant based foods as it invented an unique fungi-based protein ingredient named Promyc. The company envisions Promyc 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.