Nordic FoodTech VC is the first fund in the Nordics investing explicitly in the future of food.

Nordic Foodtech VC

Voima Ventures’ mission is to solve major global problems by combining science, entrepreneurship, and value adding capital. They shed light on the ideas and technology which require time and courage to build. Industry domains include bio and new materials, medical technologies and life sciences, imaging and optics, IoT and electronics, robotics, software & ICT and AI. In addition, Voima Ventures has invested in more than 30 deep tech startups, including companies like Solar Foods, Infinited Fiber Company, and Dispelix. Cornerstone investors are VTT Technical Research Centre of Finland and European Investment Fund (EIF), backed by Finnish private and institutional investors.

Voima Ventures

Aqua-Spark is an investment fund with a focus on sustainable aquaculture businesses around the world. The small-to-medium enterprises (SMEs) they invest in are working toward the production of safe, accessible aquatic life, such as fish, shellfish and plants, in ways that do not harm their oceans. Their investors value the fact that each investment aims to create triple impact—specifically, each investment is chosen for its potential to generate significant financial returns while also activating positive environmental and social outcomes.  Aqua-Spark believes that committing to a long-term vision is the way to realize effective and lasting impact results. When it comes to investments, they do not seek quick exits; instead, they look for entrepreneurs who strive to build and scale toward the future, who see their business as major economic opportunities that can also help solve looming environmental and food security challenges over the long-term. As an essential of each investee, Aqua-Spark seeks sustainability.

Aqua Spark

Valio Ltd is one of the biggest companies in Finland and mostly produces dairy products

Valio

Finnish Industry Investment Ltd is a government-owned investment company. It invests the proceeds accrued from the privatisation of state-owned companies in stimulating the growth and internationalisation of Finnish businesses.  Finnish Industry Investment invests in venture capital funds and directly in growth companies, together with private co-investors. The targets are in all sectors. Capital investments are needed for financing the growth of investee companies, and for spin-offs, major industrial investments, and sector and corporate restructurings.  The investments of Finnish Industry Investment amount to over MEUR 570

Tesi

Taaleri Bioindustry develops and invests in industrial-scale plants that enable the growth of bioeconomy sector globally. It systematically invests in the development and production of resource-efficient and sustainable materials on an industrial scale.

Taaleri Bioindustry

Enifer

Enifer is a mycoprotein company that produces fungal fermentation products to upcycle agrifood industry byproducts. The company's method enables the efficient production of a single-cell protein from fish by-products as a raw material for fish feed. The protein can replace soy, which is commonly used in fish feed and whose cultivation poses ecological challenges, such as deforestation in South America.

<div>eniferBio is a Finnish biotechnology company specializing in the production of high-protein nutrition solutions. enifer&rsquo;s production process leverages a special fermentation method that upcycles byproducts from various agricultural, food, and forestry processes.</div>

Empowering sustainable food innovation through food engineering tech

Alternative Ingredients

Enifer is a Finnish biotechnology company specializing in the production of high-protein nutrition solutions. Enifer’s production process leverages a special fermentation method that upcycles byproducts from various agricultural, food, and forestry processes.

A new wave of meat, fish, and poultry alternatives are driving this hyper-growth industry into the mainstream.

Plant-based Meat

eniferBio is a Finnish biotech startup that develops and commercializes PEKILO mycoprotein, a sustainable protein ingredient produced through fungal fermentation. Founded in 2020 as a spin-off from VTT Technical Research Centre of Finland, the company utilizes a proprietary fermentation process to convert industrial by-products from the agri-food and forest industries into high-protein ingredients. PEKILO mycoprotein consists of up to 70% protein, 20-30% fiber, 10% fats and minerals, and has a high concentration of vitamin B. The production process is efficient, using little water and land compared to traditional protein sources. eniferBio's technology is based on a process originally developed in the 1960s by Finnish forestry scientists, which was used commercially to produce animal feed protein from 1975 to 1991. The company has modernized and expanded this process to work with a variety of industrial side streams. As of April 2023, eniferBio's product was approved in Europe for use in animal nutrition, with a focus on aquaculture and pet food markets. The company was also developing a food-grade version of PEKILO mycoprotein and seeking regulatory approval for human consumption. In January 2024, eniferBio secured a EUR 12 million grant from the European Union's NextGenerationEU recovery instrument to build its first large-scale production facility in Finland, with an expected completion date of late 2025 and production ramp-up in 2026. The facility will have the capacity to produce 3,000 tonnes of mycoprotein ingredient annually.

Finnish protein innovator eniferBio raises €11m from investors

New validation milestone reached for 2020 winner of Nutreco Feed & Food Tech Challenge, Enifer

Finnish foodtech startup Enifer awarded $13.2m grant to build mycoprotein factory

Spark invests in Finnish biotech startup to scale up fungal protein production

products of food and agricultural processes

New VTT-based startup company eniferBio producing

Innovator Spotlight with Simo Ellilä from eniferBio: on the vanguard of mycoprotein

Spark backs Finland’s eniferBio in €11M round to make protein using fungi: Know more

Enifer takes giant step closer to scaling up aquafeed mycoprotein production

Finnish biotech startup raises €11M to make planet

Fish-feed-from-forests production ‘within 5 years’

Preserving aquatic life for future generations

Sustainable Aquaculture

Enifer Closes on €36M for its Proprietary Mycoprotein PEKILO

<div>
 
 eniferBio is a Finnish biotechnology company specializing in the production of high-protein nutrition solutions. enifer&rsquo;s production process leverages a special fermentation method that upcycles byproducts from various agricultural, food, and forestry processes.
 
 
 The company's flagship product is PEKILO, a single-cell mycoprotein, consisting of up to 70% protein, along with beta-glucan, fibers, minerals, and fat. It is color- and taste-neutral and can be used in aquafeed, petfood, and alternative meat applications.
 
 
 Key customers and partnerships
 
 
 eniferBio has established significant partnerships within the feed and food industries. Notable collaborations include Skretting, Purina, and Valio.
 
 
 Funding and financials
 
 
 In its latest funding round in April 2023, eniferBio raised EUR 11 million (~USD 12.1 million) in Series A funding led by Aqua-Spark, with participation from Tesi, Valio, Voima Ventures, and Nordic Foodtech VC. The funds raised were earmarked for scaling up the production of PEKILO. Additionally, the company aims to obtain Novel Food approval from the EU and other markets to broaden its product's reach.&nbsp;
 
 
 Further, the company received a 
 <a href="https://sp-edge.com/updates/25420">
 EUR 12 million
 </a>
 (~USD 13.2 million) grant from the NextGenerationEU program. The grant was to be used for building its mycoprotein factory in the Uusimaa region, capable of producing 3 million kilograms of PEKILO, annually.
 
</div>

<div>
 
 California Cultured is a producer of cocoa products such as cocoa powder, chocolate, cocoa butter, and flavanols using plant cell culture technology by taking biopsies from selected cacao plants. The company developed its research based on Criollo cacao varieties, fine-tuning cell lines for specific flavors. In August 2022, the company announced that it was working on the development of cell-cultured coffee.
 
 
 As of December 2022, the company was building its 12,100 sq m facility in West Sacramento and had begun building its pilot plant. As of July 2023, the company was finalizing production methods, with the aim of a commercial launch by 2025&ndash;2026, following FDA approval.
 
 
 Key customers and partnerships
 
 
 In 2022, California Cultured partnered with VTT, a Finnish national research institute, to develop cell lines for cell-cultured coffee. 
 &nbsp;In 
 <a href="https://sp-edge.com/updates">
 February 2023
 </a>
 , the company inked a 10-year commercial partnership with Japanese chocolate corporation Meiji to incorporate its cell-based cocoa into Meiji's products. This collaboration marked the first global use of cell-cultured chocolate.
 
 
 Funding and financials
 
 
 California Cultured received undisclosed investments from investment platforms focused on clean, lab-grown food such as CULT Food Science (February 2022) and Blue Horizon (March 2022). In October 2021, the company raised USD 4 million in seed funding led by Agronomics to expand its R&amp;D activities.
 
 
 
 .
 
</div>

California Cultured

<div>
 
 Nukoko is a UK-based company that produces 100% cocoa-free chocolate peanuts made from locally sourced fava beans using a biotransformation and precision fermentation process. It also uses a microbial library of cocoa flavors to match chocolate in terms of flavor, thickness, and texture.
 
 
 
 
 As of October 2023, the company had opened a limited product launch and sold out the first batch of cocoa-free chocolate nuts, with a full launch planned for 2024. The company claims to produce 90% less carbon emission per kg than conventional chocolate.&nbsp;
 
 
 
 
 Funding and financials
 
 
 
 
 In April 2023, Nukoko secured GBP 525,000 (~USD 637,500) in a pre-seed round from IndieBio to support product development. In September 2023, the company initiated its seed funding round.
 
 
 
</div>

Nukoko

<div>
 
 Win-Win (WNWN Food Labs prior to 
 <a href="https://sp-edge.com/updates/27014">
 February 2024
 </a>
 ) is a London-based producer of cocoa-free chocolate using plant-based ingredients such as grains/cereals and legumes through a proprietary fermentation process. The company's cocoa-free chocolate can be used in candy bars, confectionery, cookies, chocolate coatings, ice cream, and beverages. It claims to use 90% less water and emit 80%&ndash;90% less greenhouse gases than regular chocolate.
 
 
 In May 2022, Win-Win was operating on a lab scale, capable of producing between 300kg and 600 kg (~661 and 1,323 lbs) of chocolate per month. In November 2022, the company began expanding its facility in Hackney Wick, increasing its production space 8x. In November 2023, the company expanded its plant-based milk chocolate to bakeries, foodservice, confectionery groups, and CPG/FMCG companies 
 <a href="https://sp-edge.com/updates/24144">
 worldwide
 </a>
 .
 
 
 The company had previously introduced limited-edition cocoa-free products via D2C channels: dark chocolate thins at GBP 10 (~USD 13) per box (May 2022) and the Waim! Bar priced at GBP 8 (~USD 9) for a pack of three bars (September 2022). In March 2023, the company finalized the recipe and process for a line of milk chocolate products that are cocoa- and dairy-free and contain both oats and tiger nuts. The company also experimented with an alternative chocolate ice cream bar at the H&auml;agen-Dazs Start-Up Innovation Challenge in June 2023.
 
 
 Key customers and partnerships
 
 
 In September 2023, Win-Win partnered with the UK department store Fortnum &amp; Mason to showcase its cocoa-free chocolate and technology, including a demonstration and tasting during Fortnum's Harvest Week. In December 2022, the company partnered with Milan-based luxury gift service DLISH to include its specialty chocolate hazelnut gianduja, a northern Italian confection, in DLISH's holiday gifts. In December 2023, the company completed the 
 <a href="https://sp-edge.com/updates/24805">
 CoLab Tech accelerator
 </a>
 with Mondelēz International and showcased its cocoa-free chocolate bars, truffles, and coated biscuits at Mondelēz's North American headquarters.
 
 
 Funding and financials
 
 
 In February 2023, Win-Win raised GBP 4.5 million (~USD 5.6 million) in Series A funding to scale up manufacturing and increase headcount in anticipation of its UK retail launch.
 
 
 
</div>

Win-Win

<div>
 
 Planet A Foods is a Germany-based startup that makes cocoa-free chocolate ChoViva (formerly NoCoa/QOA) via precision fermentation of oats and sunflower seeds. It then uses proprietary micro-bacteria and flavor formation processes to create a vegan product that mimics the texture and flavor of chocolate. In addition to Germany, ChoViva focuses on Austria and Switzerland, with expansion plans to the US in 2024.
 
 
 Planet A Foods produces cocoa-free chocolates by blending cocoa-free ingredients: a cocoa powder substitute (ChoViva Concentrate) and a cocoa butter substitute (ChoViva Butter). ChoViva represents Planet Foods' debut cocoa-free chocolate product, created using Planet A Foods' cocoa concentrate alternative. The chocolate is produced in-house at Planet A&rsquo;s facility in the Czech Republic. As of October 2023, the ChoViva range included 21 products with prices ranging from EUR 0.5 to EUR 9.95 (~USD 0.53 to USD 10.48).
 
 
 Additionally, the company was in the process of developing its cocoa butter alternative through precision fermentation technology, using single-cell oils and fermentation byproducts. As of October 2023, the company was shipping this fat to early customers for R&amp;D purposes.
 
 
 The company asserts that its chocolate product could be 10x more sustainable, 20% cheaper, and emit about 92% less than conventional chocolate while also using 30% less sugar and 94% less water.
 
 
 Key customers and partnerships
 
 
 In April 2023, the company partnered with German online retailer Confiserie Seidl to launch ChoViva, its first sustainable chocolate line. The brand sees itself as a B2B player, after partnering with oat cereal maker K&ouml;lln on a new line of vegan mueslis using the company's cocoa-free chocolate in September 2023. In December 2023, ChoViva teamed up with 
 <a href="https://sp-edge.com/updates/24997">
 Lindt
 </a>
 to launch a special edition chocolate bar for Veganuary, named &quot;Soft &amp; Creamy Hazelnut.
 
 
 In 
 <a href="https://sp-edge.com/updates/26955">
 February 2024
 </a>
 , Planet A Foods partnered with REWE Group, Germany&rsquo;s second-largest supermarket chain, to supply ChoViva for REWE Group&rsquo;s own-label cocoa-free products.
 
 
 Funding and financials
 
 
 In its latest funding round in 
 <a href="https://sp-edge.com/updates/26176">
 February 2024
 </a>
 , the company raised USD 15.4 million in Series A funding led by World Fund, with participation from Omnes Capital, Cherry Ventures, Nucleus Capital, and others. The funds were earmarked for additional scientist hires to bolster its 50-person team in Germany to increase the production of cocoa butter and palm oil alternatives on an industrial scale.
 
 
 
</div>

Planet A Foods

<div>
 
 Atomo Coffee is a developer of beanless coffee that comes in two flavors: 1) regular beanless coffee with 100 mg of caffeine per serving made from date seeds, ramon seeds, sunflower seed extract, pea protein, millet, lemon, guava, and defatted fenugreek seeds and 2) decaffeinated (decaf) beanless coffee. The company claims to be the world's first beanless coffee maker.
 
 
 The company&rsquo;s products are available for retail purchase at 
 <a href="https://sp-edge.com/updates/23234">
 Gumption Coffee
 </a>
 in New York. In addition, the company began taking pre-orders for wholesale at a price of USD 20.99 per pound (as of October 2023).
 
 
 The company also plans to open a facility in March 2024 that can annually produce four million lbs of ground coffee, made from upcycled date pits (~80 million cups).
 
 
 Atomo's brews reportedly use 94% less water and produce 93% less carbon emissions than traditional coffee.
 
 
 Key customers and partnerships
 
 
 In July 2022, the company partnered with Minor Figures, a vegan products company, to launch the 8-ounce canned Oat Milk Latte, a beanless cold brew, one of Atomo's first focus products.
 
 
 Funding and financials
 
 
 In June 2022, the company raised USD 40 million in a Series A funding round for product development and to scale up manufacturing. In November 2023, the company secured an undisclosed multi-million dollar investment from Japanese beverage leader 
 <a href="https://sp-edge.com/updates/24577">
 Suntory Holdings
 </a>
 to strengthen its international distribution.
 
 
 
</div>

Atomo Coffee

Companies providing technology related to fortification, cell culture, and fermentation and those supplying equipment including bioreactors and fermenters for the production of novel foods

Companies offering salt substitutes to reduce sodium content in foods and beverages

Companies developing natural sweeteners and solutions to reduce sugar content in foods and beverages

Companies creating natural flavor, texture, and coloring ingredients from plant-based sources like seaweed and algae

Companies producing chocolate without cocoa using ingredients like oats, seeds, and cell-cultured cocoa

Companies making coffee substitutes from ingredients like barley, date seeds, and sunflower seeds

Companies offering plant-based alternatives to honey and nut spreads, addressing dietary restrictions and allergies

Companies producing cooking oils and fats through fermentation, cell-cultured and plant-based extraction processes

Companies developing protein ingredients via cell-culture or fermentation for dietary supplements and food production, excluding plant-based or cell-cultured meat

Transforms raw materials into novel, sustainable food products with minimal environmental impact

Enifer is a Finnish biotechnology company specializing in the production of high-protein nutrition solutions. Enifer’s production process leverages a special fermentation method that upcycles byproducts from various agricultural, food, and forestry processes.The company's flagship product is PEKILO, a single-cell mycoprotein, consisting of up to 70% protein, along with beta-glucan, fibers, minerals, and fat. It is color- and taste-neutral and can be used in aquafeed, pet food, and alternative meat applications.Key customers and partnershipsIn May 2022, the company partnered with Valio, a Finnish dairy producer, to co-develop plant-based food options utilizing PEKILO.Funding and financialsIn <a href="https://sp-edge.com/updates/25419">January 2024</a>, the company received a EUR 12 million (~USD 13.2 million) grant from the NextGenerationEU program. The grant was to be used for building its mycoprotein factory in the Uusimaa region, capable of producing 3,000 tons of PEKILO, annually. In addition, it secured a new <a href="https://sp-edge.com/updates/29704">funding package</a> of EUR 24 million (~USD 25.9 million), bringing the total raised to EUR 36 million (~USD 39.1 million). The new mycoprotein facility is expected to cost EUR 33 million (~USD 35.7 million) and is slated for completion in 2025.

LIVEKINDLY Collective (formerly known as Food United) produces plant-based meat alternatives through its brands LikeMeat, Fry Family, and Oumph!. The group offers a wide range of plant-based alternatives to burgers, sausages, nuggets, pulled BBQ chicken, and kebabs, made primarily of soy protein and other plant-based ingredients. In <a href="https://sp-edge.com/updates/3657">June 2021</a>, the company launched two flagship plant-based brands in China – Giggling Pig (Ge Ji Zhu) and Happy Chicken (Ha Pi Ji); the first brands to be created in-house by LIVEKINDLY Collective, which encompasses seven plant-based products including dumplings, mushroom-based dishes and a seasoned minced dish. In <a href="https://sp-edge.com/updates/19881">July 2023</a>, the company launched the Oumph! Smash Burger. The product was targeted at food service and launched at over 80 Brodernas (a Swedish restaurant group) locations, with additional locations and retail expansion to follow. In <a href="https://sp-edge.com/updates/33291">September 2024</a>, Fry's Family Foods launched Shape &amp; Sizzle Mince, a new plant-based product, at Tesco stores across the UK.In June 2021, LIVEKINDLY Collective entered into an agreement to acquire The Dutch Weed Burger, a plant-based meat company based in the Netherlands. This acquisition was expected to expand LIVEKINDLY’s brand portfolio and extend the company’s international footprint into more than 40 countries including the US, Canada, Asia, Europe, and the UK.In <a href="https://sp-edge.com/updates/20574">August 2023</a>, the company acquired Alpha Foods, a California-based plant-based frozen food producer. The acquisition supported Livekindly Collective’s plans to expand its presence in the US market and venture into the ready-to-eat breakfast and burrito snacking category. Moreover, it was expected to strengthen Livekindly’s position in the global plant-based market and enable further growth and innovation within the industry.Key customers and partnershipsIn February 2021, the group formed a partnership with the Dutch plant-based food company Rival Foods to develop whole-cut plant-based chicken products. Also in February, LIVEKINDLY Collective formed two joint ventures with US plant-based food company Puris Foods (undisclosed terms) to invest in regenerative agriculture and cost-effective plant-based food production. The companies claim this joint venture’s sustainability approach will result in a long-term achievement of cost parity with conventional animal meat.

LIVEKINDLY

NotCo is a Chilean startup that develops plant-based meat and dairy alternatives. Leveraging a patented AI algorithm named Giuseppe, NotCo develops plant-based products that match the taste, texture, and mouthfeel of animal products by studying infinite combinations of plants and using internal feedback from trained chefs.NotCo’s product portfolio includes NotChicken (patties, nuggets, and tenders) and NotBurger, which are available for retail and foodservice in the US, Canada, Brazil, Argentina, Chile, Mexico, Peru, <a href="https://sp-edge.com/updates/10672">Australia</a>, and Colombia.In <a href="https://sp-edge.com/updates/28580">April 2024</a>, NotCo developed a plant-based turtle soup called "NotTurtle Soup" in partnership with Chef Diego Oka. NotTurtle Soup claims to mimic the flavor and texture of authentic turtle soup to reduce the consumption of endangered green sea turtles.Key customers and partnershipsIn February 2022, NotCo<a href="https://sp-edge.com/updates/8673"> teamed up </a>with Kraft-Heinz to form a joint venture (JV) to leverage the strengths of both companies and develop a line of plant-based food. In <a href="https://sp-edge.com/updates/27345">March 2024</a>, the JV announced plans to launch NotHotDog and NotSausages in partnership with Oscar Mayer, a subsidiary of Kraft Heinz.In <a href="https://sp-edge.com/updates/23368">November 2023</a>, the company partnered with Yellowbird Sauce, a hot sauce producer, to launch NotChicken Spicy Patties at select Whole Foods Market locations across the US.Funding and financialsIn its most recent funding round in <a href="https://sp-edge.com/updates/15270">December 2022</a>, the company raised USD 70 million in a Series D1 funding at a valuation of USD 1.5 billion led by Princeville Capital, with participation from existing and new investors. The funding was earmarked for developing a B2B platform that will allow other producers to access the company’s patented AI platform Giuseppe. Further, it is expected to help with expansion and preparation before the company’s planned IPO in 2025.

NotCo

<div>
 
 Improved Nature produces plant-based chicken alternatives from soy protein, replicating the flavor and texture of real chicken. The company sells its plant-based meat products under Nature's PRIME and Nature&rsquo;s Meat brands, which cover a large line of refrigerated and frozen products like slices, nuggets, filets, tenders, and more.
 
 
 Improved Nature's reliance on soy protein makes it more similar to the original wave of plant-based meat producers which relied almost exclusively on soy to produce products for vegetarians, with less interest in mimicking the texture, taste, and mouthfeel of real meat products.
 
 
 Key customers and partnerships
 
 
 I
 n 
 <a href="https://sp-edge.com/updates/23085">
 October 2023
 </a>
 , the company partnered with RMS Foods, a US food manufacturer, to provide soy protein-based clean-label alternatives to private-label brands at a value price. In addition, the company launched a new line of heat-and-serve meals, including options such as plant-based sausage patties, nuggets, and beefless Korean bulgogi.&nbsp;
 
 
 
</div>

Improved Nature

Impossible Foods produces plant-based meat products using plant protein and high-moisture extrusion cooking techniques to transform soy protein into a texture similar to that of meat. Its portfolio includes plant-based beef, sausage, chicken, pork, meatballs, and ready meals.The company has added several products to its portfolio since launching, including <a href="https://sp-edge.com/updates/12539">Impossible Chicken Patty</a>, a new range of <a href="https://sp-edge.com/updates/12760">frozen meals</a>, new <a href="https://sp-edge.com/updates/16551">plant-based chicken products</a> (Impossible Spicy Chicken Nuggets, Impossible Spicy Chicken Patties, and Impossible Chicken Tenders), the <a href="https://sp-edge.com/updates/19591">Impossible Indulgent Burger</a>, and the <a href="https://sp-edge.com/updates/24643">Impossible Beef Hot Dog</a>.In July 2019, Impossible Foods gained FDA approval to use “Heme”, allowing the company to sell uncooked plant-based burgers at retail outlets as opposed to only selling cooked burgers at foodservice outlets. Further, in <a href="https://sp-edge.com/updates/32229">July 2024</a>, the European Food Safety Authority (EFSA) provisionally approved the use of heme, pending clearance from a panel on the genetic modifications of the ingredient. The deadline for this assessment was set for June 2025.In <a href="https://sp-edge.com/updates/32555">August 2024</a>, the company opened its first in-person foodservice concept called "Impossible Quality Meats" in Chicago, Illinois. This pop-up store offered a fully plant-based menu featuring items from its portfolio.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/8934">March 2022</a>, Kroger announced a co-branding partnership with Impossible Foods to develop meat alternatives for Kroger’s private label business, thereby expanding its customer base to include more price sensitive customers. Impossible Foods <a href="https://sp-edge.com/updates/13931">partnered</a> with Dominos Pizza Australia in October 2022 to launch a new range of plant-based pizzas featuring Impossible Beef. In <a href="https://sp-edge.com/updates/22210">September 2023</a>, the company partnered with the American restaurant chain International House of Pancakes (IHOP) to introduce plant-based sausage patties and burgers to IHOP's menus nationwide. Further, in <a href="https://sp-edge.com/updates/26436">February 2024</a>, Impossible Foods inked a partnership with the US Army Central to serve plant-based meats at their dining facilities overseas.Funding and financialsIn its latest funding round in November 2021, the startup raised USD 500 million in a venture funding round led by Mirae Asset Global Investments, with participation from returning investors. The latest funding is expected to fuel continued retail expansion, growth across its supply chain, product portfolio, technology platforms, and international expansion.

Impossible Foods

Planted Foods is a plant-based spinoff of ETH Zurich- a public research university in Switzerland. Its portfolio includes Planted brand chicken, pulled, kebab, bratwurst, schnitzel, <a href="https://sp-edge.com/updates/22375">duck</a>, and <a href="https://sp-edge.com/updates/25317">ham</a>.In <a href="https://sp-edge.com/updates/27493">March 2024</a>, the company launched a new fermented steak alternative developed using its proprietary whole-muscle platform. This platform uses a proprietary fermentation process to develop clean-label alternatives with improved taste and texture. Planted Foods intends to use this platform to expand its product range with more product concepts later. Further, in <a href="https://sp-edge.com/updates/28147">April 2024</a>, Planted launched vegan Chicken Tikka Skewers in the UK.As of <a href="https://sp-edge.com/updates/30584">June 2024</a>, Planted products were available at over 6,100 restaurants and 8,700 retail outlets across Switzerland, Germany, Austria, France, Italy, the UK, Benelux, and UAE with plans to expand into the US later.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/19434">June 2023</a>, the company partnered with French agrifood company Fleury Michon to launch the Eminces Vegetaux range into retail in France. The partnership leveraged Planted's expertise in plant-based foods and Fleury Michon's artisanal marinades, reach, and reputation to offer plant-based alternatives for Fleury Michon’s established consumer base.Funding and financialsIn its latest funding round in <a href="https://sp-edge.com/updates">September 2022</a>, the company raised ~USD 72 million (CHF 70 million) in Series B funding led by L Catterton, with participation from Vorwerk Ventures, Movendo, and Yann Summer. The funds were earmarked for launching a new whole-cut product range, further expansion into Europe, and increasing production capacity.

Planted Foods

Suppliers of plant ingredients such as legume, mycelia, and other proteins for the production of plant-based meat, fish, poultry, and pork products; and suppliers of technology related to the production of plant-based meat.

Producers of plant-based pork alternatives using plant proteins such as pea, soy, wheat, etc. Some startups also use unique ingredients such as mushroom mycelium (whole-cut bacon) and jack fruits (pulled pork) to produce pork alternatives. Products are manufactured mostly in sausage or pulled (pork) form.

Producers of plant-based chicken, turkey, and duck alternatives using plant proteins such as peas, soy, wheat, etc. Products are manufactured mostly in nuggets or shredded form.

Producers of plant-based seafood alternatives using plant proteins such as peas, soy, chickpeas, etc. Some startups use more unique ingredients such as algae, konjac (a Japanese yam root), tomatoes, and eggplants. Products are manufactured mostly in shredded or cuts (for sushi).

Producers of plant-based beef alternatives using plant proteins such as peas, soy, wheat, mung beans, etc. Products are manufactured mostly in a burger patty, sausage, meatball, or minced form.

Utilizes 3D printing techniques to develop meat alternatives

Provides sustainable alternatives to animal meat

eniferBio is a Finnish biotech startup that develops and commercializes PEKILO mycoprotein, a sustainable protein ingredient produced through fungal fermentation. Founded in 2020 as a spin-off from VTT Technical Research Centre of Finland, the company utilizes a proprietary fermentation process to convert industrial by-products from the agri-food and forest industries into high-protein ingredients. PEKILO mycoprotein consists of up to 70% protein, 20-30% fiber, 10% fats and minerals, and has a high concentration of vitamin B. The production process is efficient, using little water and land compared to traditional protein sources. eniferBio's technology is based on a process originally developed in the 1960s by Finnish forestry scientists, which was used commercially to produce animal feed protein from 1975 to 1991. The company has modernized and expanded this process to work with a variety of industrial side streams. As of April 2023, eniferBio's product was approved in Europe for use in animal nutrition, with a focus on aquaculture and pet food markets. The company was also developing a food-grade version of PEKILO mycoprotein and seeking regulatory approval for human consumption. In January 2024, eniferBio secured a EUR 12 million grant from the European Union's NextGenerationEU recovery instrument to build its first large-scale production facility in Finland, with an expected completion date of late 2025 and production ramp-up in 2026. The facility will have the capacity to produce 3,000 tonnes of mycoprotein ingredient annually.Key customers and partnershipseniferBio has established partnerships with major players in the feed and food industries. The company collaborates with Skretting, the global aquafeed division of Nutreco, to develop PEKILO mycoprotein for use in aquaculture feed. Initial trials conducted by Skretting showed promising results, with the protein digestibility of PEKILO mycoprotein comparable to fishmeal in salmon. eniferBio also partners with Purina for pet food applications and Valio, a major Finnish dairy company, for the development of consumer food products. In April 2023, the company announced plans to expand its collaboration with Valio to develop food-grade mycoprotein ingredients for human consumption.

Biokind is a company that produces sustainable protein feed for fish and shrimp farming. The company's innovative product is created through a proprietary natural fermentation process that upcycles non-edible agricultural waste. This approach aims to replace traditional fishmeal and soy protein in aquaculture, particularly in shrimp farms, which are known to be significant carbon dioxide polluters in the sector. By utilizing Biokind's product, the company claims it can potentially reduce carbon dioxide emissions by over 5 billion tonnes. The technology addresses the growing demand for protein in aquaculture, which has seen a 60% increase in production in Europe since 1998, while also tackling the issues of overfishing and deforestation associated with conventional protein sources like fishmeal and soybeans. Biokind's solution aims to make agricultural land use more efficient by valorizing waste products, thus contributing to a more sustainable aquaculture industry.

BioKind

Ecto is a digital biology company that develops technology to enhance efficiency and sustainability in aquaculture production. The company's primary offering is a digital decision support platform that leverages advanced molecular tools and digital technologies to streamline production and health management in aquaculture operations. Ecto's platform supports deep integrations with over 100 data sources throughout the aquaculture value chain, using multi-generational data to automatically build models for early detection of patterns associated with biological risks. The software covers multiple environmental factors in key phases of production affecting fish welfare and development, including hatchery, well-boat and truck transport, grow-out, and processing phases.
Founded with offices in the US and Norway, Ecto collaborates with farmers worldwide to optimize their operations. The company's solutions have enabled farmers to create 51 million additional healthy servings of protein. In October 2021, Ecto raised USD 7 million in financing led by the Rabo Food and Agri Innovation Fund and Aqua-Spark, with participation from Seventure Partners and existing investors Yield Lab and Vodia Ventures. The funding was intended to advance Ecto's position in the market for digital decision support tools for aquaculture.
Ecto's platform aims to address the challenge of data fragmentation in the aquaculture industry, where much of the data is still locked in paper records, spreadsheets, and disparate software systems. By pioneering structured data capture across the industry, Ecto enables producers to tap into aquaculture industry data to enhance the efficiency and sustainability of production. The company's technology is designed to increase output, reduce environmental degradation, improve animal welfare, and increase transparency and traceability in the supply chain.

Ecto

Australis Aquaculture is a producer of premium ocean-raised barramundi, operating in Central Vietnam. The company focuses on sustainable aquaculture practices and offers a range of barramundi products under its brand, The Better Fish. Australis utilizes Climate-Smart Ocean Farming techniques in Van Phong Bay, Vietnam, where it nurtures barramundi in pristine tropical waters. The company's barramundi is known for its mild, buttery flavor and is rich in omega-3s, containing half the calories of salmon.
Australis Aquaculture has achieved several certifications for its sustainable practices. It was the first to be certified under the Aquaculture Stewardship Council's Tropical Marine Finfish standard and the first ocean-farmed fish to receive a Monterey Bay Aquarium Seafood Watch Best Choice rating. The company also holds a Best Aquaculture Practices (BAP) 4-star certification. In December 2021, Australis was awarded the US Secretary of State's Award for Corporate Excellence in Climate Innovation.
The Better Fish product line includes various barramundi offerings such as Lemon Herb Butter Barramundi, Crispy Barramundi Fish Tenders, and Simply Skinless Barramundi Fillets. In January 2024, the company expanded its product range with Barra Barrk, the world's first Fair Trade Certified pet treat made from hand-rolled barramundi fish skins. As of December 2021, Australis exported approximately 10,000 tons of fish annually from its operations in Khánh Hòa province, Vietnam. The company operates four processing factories in the region and has plans to build a modern seafood processing factory in Ninh Thủy Industrial Park.
Key customers and partnerships
Australis Aquaculture has established partnerships with various organizations to promote sustainability and ethical practices. In March 2024, the company celebrated three years of partnership with Fair Trade US, making it one of the first national brands to offer a full line of Fair Trade Certified barramundi products. Through this partnership, Australis supports community-focused programs in Central Vietnam.
The company's products are available in retail and foodservice channels across North America. Australis' Barra Barrk pet treats were being sold at all BJ's Wholesale Club retail locations throughout the eastern US. The company also exports its products to Australia, showcasing its international reach in the seafood market.

Australis Aquaculture

Open Blue is a leading supplier of Cobia, a whitefish species, utilizing deepwater aquaculture to grow fish sustainably. The company operates offshore aquaculture farms in the waters off Panama, focusing on producing Cobia through environmentally responsible practices. Open Blue's approach involves a closed-loop ecosystem that aims to minimize interference with natural marine habitats. The company offers various Cobia products, including whitefish portions, burgers, and strips, which can be prepared through different cooking methods or served as sashimi. Open Blue's business model includes direct-to-consumer sales, with products available for home delivery throughout the US via their website. The company emphasizes the nutritional benefits of Cobia, highlighting its content of essential vitamins, minerals, omega-3 fatty acids, and proteins.

Open Blue

KnipBio, founded in 2013, is a biotechnology company specializing in the development of single-cell protein technologies for aquaculture, animal feeds, and human applications. The company's core product, KnipBio Meal (KBM), is a high-quality feed protein derived from methanol through industrial fermentation of the microorganism Methylorubrum extorquens. KBM is designed to be a sustainable alternative to traditional protein sources like fishmeal and soybean meal in aquaculture feeds. The product offers a complete amino acid profile along with vitamins, inorganic salts, fats, and carbohydrates, positioning it as a viable partial replacement for fishmeal, soybeans, meat, and skimmed milk powder in various applications.
KnipBio's fermentation process is highly efficient, producing a protein-rich biomass with a high dry cell weight of 120 g/liter and a crude protein content of 67.2%. The company claims its method is a thousand times more efficient than traditional farming practices. KBM has gained regulatory approvals in multiple markets, including FDA GRAS (Generally Recognized As Safe) designation for finfish and shrimp feeds in the US in 2019, and approval from the Canadian Food Inspection Agency (CFIA) for use in salmonid feeds up to 10% of the total diet in June 2022.
In addition to its nutritional benefits, KBM is being explored for its potential to reduce off-flavors in recirculating aquaculture systems (RAS), a common issue in fish farming. The company has been conducting trials with RAS facilities to determine if a diet containing five percent of their single-cell protein product can lower levels of geosmin (GSM) and 2-methylisoborneol (MIB), compounds responsible for off-flavors in farmed fish. Initial results have shown significant reductions in off-flavor in RAS-raised trout.
In July 2024, Larry Feinberg, the CEO and founder of KnipBio, stepped down from his position. Caitlin Wege, who had recently joined the company, was appointed as the new CEO to lead KnipBio's future endeavors.

KnipBio

Suppliers of sustainable and responsibly sourced fish meal replacements, fish feed, and fish feed ingredients

Suppliers of monitoring tools, analytics platforms, water management systems, feeding systems, and infrastructure, among others, to aid sustainable aquaculture practices

Farming operators involved in the sustainable breeding of finfish

Farming operators involved in the sustainable cultivation of shellfish and/or aquatic plants

Suppliers of disease diagnostics, treatments, medication, nutritional supplements and biomonitoring, among other services aimed at increasing quality, health, and efficiency of aquaculture.

ANALYST_QUICK_TAKE

<div>
 Finnish biotech firm Enifer has secured a funding package of EUR 24 million (~USD 25.9 million), in addition to a previously reported <a href="https://sp-edge.com/updates/25419">EUR 12 million</a> (~USD 13.2 million), bringing the total to EUR 36 million (~USD 39.1 million). This funding will support the construction of its mycoprotein facility.
 The funding was composed of EUR 15 million (~USD 16.2 million) in Series B funding led by Taaleri Bioindustry Fund I, a EUR 7 million (~USD 7.6 million) junior loan from the Finnish Climate Fund, and a EUR 2 million (~USD 2.1 million) climate and environment loan by Finnerva. Existing investors Nordic Foodtech VC, Voima Ventures, and Valio also contributed.
 The planned facility, costing an estimated EUR 33 million (~USD 35.7 million), will be capable of producing 3,000 tons of PEKILO mycoprotein protein yearly, catering to around 40,000 people. With its completion set for 2025, Enifer intends to scale up operations by 2026 to produce 500 kg of mycoprotein per hour.
 
</div> Analyst QuickTake: 
 The company's flagship product, PEKILO, is a single-cell mycoprotein consisting of up to 70% protein, along with beta-glucan, fibers, minerals, and fat. It is color- and taste-neutral and can be used in aquafeed, pet food, and alternative meat applications.

Enifer

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