After facing significant financial challenges, mycoprotein pioneer Mycorena filed for bankruptcy earlier this year, seeking new ownership to build upon its innovations and market presence.
Today, Naplasol, a VEOS group member, announces the acquisition of the Swedish company. Naplasol specializes in biomass fermentation to produce mycoproteins and offers various ingredients for food applications.
“We are proud that we can continue the story of Mycorena, as we strongly believe in the future of mycoproteins”
VEOS Group, founded in 1974 and headquartered in Belgium, is a global leader in the animal protein market with production facilities worldwide. It serves the food, pet, and feed industries and is supported by a global sales network.
According to the announcement, Naplasol plans to produce Mycorena’s flagship product, Promyc, at its industrial facility in Bree, Belgium, to enhance its portfolio and offer new sustainable proteins.
Wim Slee, co-CEO of VEOS Group, comments, “Both companies, Naplasol and Mycorena, are active in the same field and have complementary knowledge and products from which we can benefit in the future.
“We are proud that we can continue the story of Mycorena, as we strongly believe in the future of mycoproteins. Mycoproteins are clearly a sustainable protein alternative, with a lower CO2, land, and water footprint compared to other plant-based proteins.”
Industrial expertise for Promyc
Naplasol notes Promyc’s advantages, from its nutritional value, neutral taste, and fibrous texture to its sustainability, offering a lower carbon, land, and water footprint than other plant-based proteins.
“We look forward to seeing Mycorena continue”
Founded in 2017, Mycorena launched Promyc and developed innovative products, including fungi-based fat and mycoprotein-based butter. Additionally, it introduced consumer products in six EU countries through partnerships and collaborations with Revo Foods and Peas of Heaven, among others.
Despite experiencing significant growth and securing over €35 million in funding, Mycorena says it faced shifting market dynamics, including diminished investor interest. The company says it made considerable efforts to overcome these difficulties, including discontinuing its large-scale factory project in Sweden for Promyc and pivoting to a strategic business model. However, it ultimately filed for bankruptcy and sought new ownership.
Ramkumar Nair, PhD, founder of Mycorena, shares, “Mycorena has been on an exciting journey toward becoming a leading player in the mycoprotein industry. The acquisition and merger with Naplasol offer a unique opportunity to build on the foundation we have established. We look forward to seeing Mycorena continue to thrive under the strong industrial expertise of the VEOS Group.”
