Enifer, a Finnish biotech firm, has secured a new funding package of EUR 24 million (~USD 25.9 million), enabling the company to begin construction of its mycoprotein facility. This funding adds to the previously reported EUR 12 million (~USD 13.2 million), bringing the total raised to EUR 36 million (~USD 39.1 million).

The new funding package consisted 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 participated in this round.

The new facility will cost an estimated EUR 33 million (~USD 35.7 million) and have the capacity to produce up to 3,000 tons of PEKILO mycoprotein protein annually, catering to ~40,000 people. It is slated for completion by 2025, with Enifer planning to scale up operations by 2026 to produce 500 kg of mycoprotein per hour.

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.