Norwegian Mycelium (NoMy) has raised €1.25 million in funding from Japanese investor Nippon Beet Sugar Manufacturing Co., Ltd. (Nitten), which was also joined by follow-on investments from an international consortium of investors, including TD Veen, EIT Food, Farvatn Venture, and others
The funding will allow NoMy to scale the deployment of its mycoprotein technologies, improving the sustainability and diversity of protein supplies in the food and feed industry through partnerships in Japan, Norway, and Europe. It builds on the partnership between NoMy and Nitten, which began last year with the aim of accelerating the commercialization of NoMy’s mycoprotein technologies using resources from the beet sugar manufacturing process.
“Producing mycoprotein as a new use for sugar beets, without stopping their use as a sweetener, is one of the solutions to the protein crisis (protein supply shortage) that is a concern on a global scale,” said Shu Ishikuri, CEO of Nitten Sugar. “It will also lead to the promotion of agriculture in Hokkaido, Japan’s food base, and contribute to the promotion of a sustainable food supply.”
“Deep commitment to sustainability”
NoMy uses fungal fermentation technology to turn food industry side-streams into high-value ingredients. The resulting mycoprotein is said to be packed with high-quality protein, fiber, and minerals, and can be molded to meet the needs of different food applications.
The company was founded by Ingrid Dynna, who previously worked in marketing, sales, strategy, and business development at Google, and David Andrew Quist, a microbiologist who has advised the Norwegian and European Environment Agencies and UN scientific committees.
“We are thrilled to strengthen our excellent collaboration with Nitten Sugar as both a commercial partner and now an investor in this journey,” said Dynna, who serves as CEO of NoMy. “Nitten’s deep commitment to sustainability and expertise in sugar production aligns perfectly with NoMy’s vision of a food system that is circular by nature.”
