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Enifer secures EUR 36 million to begin construction of mycoprotein facility
Plant-based Meat
May 23, 2024
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Plant-based Meat

Plant-based Meat

May 23, 2024

Enifer secures EUR 36 million to begin construction of mycoprotein facility

Funding

  • 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.

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