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Finnish mycoprotein biotech company Enifer, known for its PEKILOaqua® mycoprotein shrimp feed, has secured EUR 36 million (USD 38.95 million) in funding to scale up its operations. This significant investment will allow the company to produce 3,000 tons of human food-grade PEKILO® mycoprotein annually once its new factory becomes fully operational. The new facility will be located in Kirkkonummi, Finland, and is set to be completed by the end of 2025.
Scaling Up Production
With the new funding, Enifer aims to transition from aquafeed to human-grade food ingredients. The EUR 33 million (USD 35.71 million) factory will utilize side streams from the food industry to produce sustainable PEKILO® fungi-based protein ingredients. This facility will be the first commercial plant to produce such protein from by-product materials, marking a step forward in sustainable food production.
The EUR 36 million (USD 38.95 million) funding package for Enifer includes EUR 15 million (USD 16.23 million) from a Series B equity round led by Taaleri Bioindustry Fund I, with additional contributions from existing investors such as Nordic Foodtech VC, Voima Ventures, and Valio. The Finnish Climate Fund has provided a EUR 7 million (USD 7.57 million) junior loan, while Finnvera has contributed a EUR 2 million (USD 2.16 million) Climate and Environmental Loan. Business Finland has also supported the project with a EUR 12 million (USD 12.98 million) investment grant.
Regulatory Approval and Future Plans
Enifer is working towards obtaining Novel Foods approval for PEKILO® in 2024, with an expected approval date in 2026. This regulatory milestone will pave the way for Enifer to expand its production capacity with several future factories. CEO and co-founder Simo Ellilä highlights the importance of this development, stating, “Mycoprotein is the missing ingredient for a more sustainable food chain – the facility in Kantvik serves as a key steppingstone on our path to making mycoprotein a cornerstone of protein supply, with several future factories already being planned.”