SMAQO, a Swedish company developing next-generation hybrid mycoprotein-based foods, has announced a new funding round. The round was led by Singapore-based venture capital firm Good Startup, which has a focus on alternative proteins; ITIL Partners and Nuora Capital also participated.
SMAQO uses a proprietary fungi and production platform to create clean-label, high-protein foods with a minimal environmental impact. The company will use the new funding to accelerate product development, scale its advanced fermentation capabilities, and launch its first consumer products by the end of the year.
“We’ve been tracking the mycoprotein category for several years, and SMAQO stood out for its ability to combine technical excellence with commercial focus,” said Gautam Godhwani, co-founder and Managing Partner at Good Startup. “Their platform has the flexibility to address multiple markets — from ingredients to ready-to-eat consumer products — and we’re excited to support their journey from lab to large-scale impact.”
Mission to transform the food system
SMAQO was founded by Dr. Ramkumar Nair, the founder and former CEO of mycoprotein producer Mycorena (now Promyc). The company intends to introduce its first consumer-facing products in the Nordic market this year.
Additionally, an international expansion is planned for 2027. SMAQO says it has already secured strategic partnerships to launch its products on the global market, including production partners in both Sweden and Asia.
“This investment marks a significant milestone for SMAQO,” said founder and CEO Ramkumar Nair. “We’re delighted that our new investors share our mission to transform the global food system with scalable, sustainable protein solutions. Their strategic backing will help us accelerate our market entry and drive meaningful impact on climate and food security.”
