FINLAND – Finnish startup Enifer has secured €36 million (US$39.1M) through a combination of debt and equity to develop a large-scale facility for producing mycoprotein, initially commercialized as animal feed 50 years ago. 

This funding consists of a €15 million (US$16.2M) series B equity round led by Taaleri Bioindustry Fund I, along with investments from Nordic Foodtech VC, Voima Ventures, and dairy giant Valio.

Additionally, Enifer is receiving a €7 million (US$7.6M) junior loan from the Finnish Climate Fund, a €2 million (US$2.2M) climate and environmental loan from Finnvera, and a €12 million (US$13M) grant from Business Finland.

Enifer is emerging as a key player in the biomass fermentation industry, which involves growing microbes in sugary water within large steel bioreactors to produce a protein- and fiber-rich powder with a neutral taste and color.

Enifer is initially targeting the pet food and aquaculture markets with its mycoprotein product, aiming for over 60% protein content for pet food and up to 65% for aquaculture.

The company plans to expand into human food applications, including meat and dairy alternatives and snack bars, with protein content up to 55%. 

Earlier this month, Enifer publishes a study conducted by AquaBioTech Group at its Innovia aquaculture R&D facility.

The study highlights the health benefits of Enifer’s PEKILO Aqua mycoprotein in shrimp feed.

Results indicate shrimp fed with PEKILO Aqua have longer, healthier lives compared to those on conventional diets.

Currently, shrimp diets include about 10% protein from fishmeal, a critical component for palatability.

However, with nearly 90% of global marine fish stocks fully exploited or overfished, the shrimp feed industry seeks alternatives.

The study reveals that shrimp on a diet with 30% PEKILO Aqua have a higher survival rate, increasing from 74% to 85%, and exhibit a significant increase in crude protein content by 2.5% compared to those fed higher levels of fishmeal.

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