Investments & Finance

Enifer Raises €36M for Mycoprotein Facility Producing “The Missing Ingredient for a Sustainable Food Chain”

Finland’s Enifer has secured enough funding to begin the construction of a mycoprotein facility that will upcycle food industry sidestreams into fungi-based protein ingredients. The facility will cultivate up to 3,000 tons of Enifer’s proprietary mycoprotein, PEKILO®, every year; this is said to be enough to meet the annual protein needs of around 40,000 people.

According to the company, the plant will be the first worldwide to produce this type of mycoprotein from sidestreams. The construction of the facility is expected to cost €33 million and be completed by the end of 2025, with operations ramping up in 2026.

“We’re extremely excited to announce the kick-off of our first factory investment project”

The new funding consists of a €15 million Series B round led by the private equity fund Taaleri Bioindustry Fund I, with follow-on investments from existing shareholders Nordic Foodtech VC, Voima Ventures, Valio, and Laine Holding. Additionally, the Finnish Climate Fund has provided a €7 million capital loan, while Finnish state-owned financing company Finnvera has contributed a €2 million Climate and Environmental Loan.

In conjunction with a previously reported €12 million grant, Enifer has now raised a total of €36 million, making the facility fully funded. The plant will be located within an existing industrial building in the village of Kantvik, a 30-minute drive from Helsinki city center and Enifer’s R&D facilities.

© Enifer

“A key stepping stone”

PEKILO mycoprotein is produced by cultivating fungi using a fermentation process somewhat similar to beer brewing. The new facility will feature a full-sized industrial fermenter more than 12 meters tall and over 4.5 meters in diameter.

Enifer will file for Novel Foods approval for PEKILO this year, and expects to receive it in 2026. The ingredient is said to have a neutral colour and taste, making it suitable for applications such as meat and dairy alternatives, baking, pastries, and snacks.

Recent research by scientists at VTT Technical Research Centre of Finland indicates that mycoprotein is also nutritionally valuable, with a high digestible protein and dietary fibre content. PEKILO was used as one of the microbial biomasses in the study.

“At Enifer, we’re extremely excited to announce the kick-off of our first factory investment project,” says Simo Ellilä, CEO and co-founder of Enifer. “For over half a century, Kantvik has been at the heart of Finnish bioindustries, and I could not think of a better location to bring PEKILO® fermentation back to life. I would like to thank our new investors, in particular Taaleri Bioindustry and the Finnish Climate Fund, for joining us in our mission. Mycoprotein is the missing ingredient for a more sustainable food chain – the facility in Kantvik serves as a key stepping stone on our path to making mycoprotein a cornerstone of protein supply, with several future factories already being planned.”

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