FINLAND – Enifer, a leading mycoprotein producer, announced on May 23 that it has secured €36 million (US$39 million) in funding to construct a groundbreaking food-grade mycoprotein facility in Kantvik, Kirkkonummi, Finland. 

The facility will be the world’s first commercial plant to convert sidestream raw materials from the food industry into a fungi-based protein.

This significant funding was achieved through Enifer’s latest series B funding round, which raised €15 million (US$16.3 million).

The round was led by Taaleri Bioindustry Fund I, a Finnish private equity investment fund, with participation from existing shareholders Nordic Foodtech VC, Voima Ventures, and Valio. 

We are very happy to start cooperation with Enifer,” said Tero Saarno, managing director at Taaleri Bioindustry. We believe there is an increased need for alternative proteins as the global population grows. Demand is also supported globally by environmental and ethical considerations. Taaleri Bioindustry Fund I’s investment enables commercial-scale production. We are confident in Enifer’s opportunities to expand.

In addition to the series B funding, Enifer received substantial support from the Finnish Climate Fund, which includes a €7 million (US$7.6 million) loan and a €2 million (US$2.2 million) Climate and Environmental Loan from Finnvera. Furthermore, Enifer received a €12 million (US$13 million) recycling and reuse grant from Business Finland.

Toni Mikkonen, acting CEO of the Finnish Climate Fund, highlighted the importance of sustainable food production. 

The world’s population and the need for protein are growing. Food production is — even at the level of technologies that can already be scaled — an unsolved key part of the climate challenge. Enifer’s already tested technology is interesting as the nutrients of various side streams can be upcycled and their processing value increased instead of energy use.”

The new facility, expected to cost €33 million (US$35.8 million), will produce up to 3,000 tons of Enifer’s PEKILO® ingredients annually, meeting the protein needs of approximately 40,000 people. 

PEKILO is a fungi-based protein with aquafeed, pet food, and food manufacturing applications. Its production is noted for its low carbon footprint and minimal land and water requirements, offering a sustainable alternative to traditional animal—and plant-based proteins.

PEKILO offers high-quality protein and fiber with a neutral color and taste. It is ideal for various food products, including meat and dairy alternatives, baked goods, snacks, and animal feed. Enifer plans to file for Novel Foods approval of PEKILO later this year, with approval expected in 2026.

At Enifer, we’re extremely excited to announce the kick-off of our first factory investment project. Mycoprotein is the missing ingredient for a more sustainable food chain — the facility in Kantvik serves as a key stepping stone on making mycoprotein a cornerstone of protein supply, with several future factories already being planned,” Simo Ellilä, co-founder and CEO of Enifer, expressed his excitement about the project.

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