Aqua-Spark portfolio company Enifer, a mycoprotein producer based in Espoo, Finland, has announced the completion of a €36 million funding package to construct a unique food-grade mycoprotein factory in Kirkkonummi, Finland. This state-of-the-art facility will initially produce ingredients for the aquafeed and pet food sectors and is expected to ramp up operations in 2026, ultimately producing 500 kg of mycoprotein per hour.
Enifer employs biofermentation technology to produce mycoprotein from industrial side streams. Their aquafeed ingredient, PEKILO®aqua, utilizes agricultural or forest industry by-products, achieving a 65% crude protein content and high levels of nucleotides and beta-glucans. The company now aims to expand its capacity for human-grade food ingredients with the new factory, which will use food industry side streams to produce sustainable PEKILO® fungi-based food-grade protein ingredients. The facility, due to be completed by the end of 2025, will have an annual production capacity of 3,000 tons, making it the first commercial plant to produce such a protein from by-product materials.
Funding for this ambitious project includes €15 million from a Series B equity round led by Taaleri Bioindustry Fund I, with contributions from existing investors Nordic Foodtech VC, Voima Ventures, and Valio. Additional funds include a €7 million junior loan from the Finnish Climate Fund, a €2 million Climate and Environmental Loan from Finnvera, and a €12 million investment grant from Business Finland.
Enifer is currently seeking Novel Foods approval for PEKILO® in 2024, with expectations for approval by 2026. The company plans to expand its production capabilities with several future factories.
“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,” said Simo Ellilä, CEO and co-founder of Enifer.
PEKILO® mycoprotein is produced by cultivating a specific species of fungus in a fermentation process similar to brewing beer or making soy sauce. The resulting powder contains high-quality protein and fiber, and is neutral in colour and taste, making it an excellent source of nutrition for diverse food and feed applications. The production of PEKILO® mycoprotein has a low carbon footprint and requires minimal land and water, positioning it as a sustainable alternative to animal and plant proteins.
