Enifer, a biotech startup based in Espoo, Finland, has successfully raised €36 million in funding to establish a food-grade mycoprotein factory in Kirkkonummi. This facility will convert food industry by-products into Enifer’s sustainable PEKILO mycoprotein, positioning it as the world’s first commercial plant to produce mycoprotein from sidestream raw materials.
The funding package includes €15 million from a Series B equity round led by Taaleri Bioindustry Fund I, with follow-on investments from Nordic Foodtech VC, Voima Ventures, Valio, and Laine Holding. Additionally, the Finnish Climate Fund has contributed a €7 million loan, and Finnvera has provided a €2 million Climate and Environmental Loan. A previous €12 million grant from Business Finland completes the financing, ensuring the factory’s full funding.
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Addressing Global Protein Demand
Toni Mikkonen, acting CEO of the Finnish Climate Fund, highlighted the urgency of sustainable food production, stating, “The world’s population and the need for protein are growing. Enifer’s technology upcycles nutrients from various sidestreams, enhancing their value and providing a key part of the climate challenge solution.”
Factory Capabilities and Environmental Impact
Scheduled to start operations in 2026, the new factory will produce up to 3,000 tons of PEKILO mycoprotein annually, sufficient to meet the protein needs of approximately 40,000 people. The facility will feature a large industrial fermenter and will employ about 15 people once operational. The production process uses minimal land and water, offering a low carbon footprint alternative to traditional animal and plant proteins.
Historical Context and Future Plans
PEKILO mycoprotein was originally developed in the 1970s to convert forest industry by-products into animal feed. Enifer has modernized this process to use by-products from the food and agriculture industries, creating a food-grade mycoprotein. The company plans to apply for Novel Foods approval in 2024, aiming for approval by 2026.
Simo Ellilä, CEO and co-founder of Enifer, expressed enthusiasm for the project, stating, “We’re thrilled to launch our first factory investment project. This facility will serve as a key steppingstone in making mycoprotein a cornerstone of protein supply, with several future factories already planned.”
About Enifer
Founded in 2020 by scientists from the VTT Technical Research Centre in Finland, Enifer aims to improve and commercialize PEKILO technology. The company collaborates with major global companies such as Skretting, Purina, and Valio to integrate this technology into feed and food products, driving a more sustainable food chain.
