Mycorena raised €24 million in debt and Series A equity.

Mycorena, a Gothenburg, Sweden-based foodtech start-up, announced completing a series A capital round closed at €24 million ($27.2M).

The money represents a combination of debt and equity. The name of the investors was not disclosed.

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.

Mycorena previously raised €1.2 million in 2020.