Mycorena raised SEK 4.5 million in funding from Bånt AB and Kale United AB

Mycorena, a Gothenburg, Sweden-based producer of fungi-based, next-generation vegan protein, announced that it raised SEK 4.5M ($500k) in funding.

The funding was led by Bånt AB (Sverker Forsén), and Kale United AB (Måns Ullerstam) and included soft funding from the EU and Vinnova. The proceeds will be used for establishing their small-scale production facility in Ringön.

Mycorena, founded in 2017 and led by CEO Ramkumar Nair, is developing an alternative vegan protein based on fungi. The fungi are produced through a unique fermentation process carried out in specially designed large tanks, a process that in many ways similar to that of brewing beer. The fermentation is done using food resources that are created but not used within the food industry, for example, excess flour and dough during the baking of bread, or other side-streams in the making of dairy products.