French, MyCoprotein startup Enifer, has announced the conclusion of a fundraising round of €36 million. The fresh funding will allow it to begin building a special food-grade MyCoprotein facility in Kirkkonummi.
Enifer anticipates completing the €33 million factory by the end of 2025. It will convert food industry byproducts into sustainable PEKILO® fungi-based protein components. The facility will be the first in the world’s commercial sector to make this kind of MyCoprotein component from byproduct raw materials.
Up to 3,000 tons of PEKILO® will be produced annually by the plant, more than meeting the yearly protein requirements of about 40,000 individuals. Compared to animal and plant proteins, the manufacturing of PEKILO® MyCoprotein is very sustainable because it uses less land and water and has a low carbon footprint.
Investors:
The new funding package includes follow-on investments from current shareholders Nordic Foodtech VC, Voima Ventures, and Valio, as well as a new €15 million Series B equity capital round led by the Finnish private equity vehicle Taaleri Bioindustry Vehicle I. Finnvera, has provided a €2 million Climate and Environmental Loan, and the Finnish Climate Fund has extended a €7 million junior loan, further supporting the project alongside the additional funding. This money, along with the previously announced €12 million recycling and reuse investment grant from Business Finland, fully funds the facility.
According to Simo Ellilä, CEO and co-founder of Enifer:
“We at Enifer are thrilled to announce the beginning of our first factory investment project. There is no place like Kantvik, which has been the center of Finnish bioindustries for more than 50 years, to revive PEKILO® fermentation. I thank Taaleri Bioindustry and the Finnish Climate Fund, our new investors, for joining us in our objective. MyCoprotein is the missing component for a more sustainable food chain. With multiple additional facilities already planned, the Kantvik facility is a crucial step in our journey to making MyCoprotein a mainstay of the protein supply.”
Tero Saarno, MD of Taaleri Bioindustry, said:
“We are thrilled to begin working with Enifer. We think that as the world’s population rises, there will be a greater need for alternative proteins. Globally, ethical and environmental concerns also support demand. The funding provided by Taaleri Bioindustry Fund I makes commercial-scale production possible. We are optimistic about Enifer’s prospects for growth.”
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The Finnish Climate Fund’s interim CEO, Toni Mikkonen, explained:
“Both the global population and protein consumption are rising. Even with already-scalable technologies, a significant portion of the climate challenge remains unresolved in the area of food production. Future sustainable food production will rely on multiple approaches, and during the next ten years, there will likely be a large increase in the demand for novel protein sources. Enifer’s proven technology intrigues with its ability to upcycle nutrients from various side streams, increasing their processing value without relying on excessive energy.”
Harnessing MyCoprotein:
Enifer will build the factory in Kantvik, Kirkkonummi, Finland, repurposing an existing industrial structure for the brownfield project. The location, which borders the Baltic Sea, is just thirty minutes away by car from Enifer’s current research and development facilities in Helsinki. In addition, the site provides the future factory with all the utilities needed, such as steam, power, cooling and processing water, and wastewater treatment. In 2026, the facility will start to ramp up operations. When it reaches full capacity, it will be able to generate 500 kg of MyCoprotein per hour.
Enifer cultivates a particular species of fungus to generate PEKILO® Mycoprotein through a fermentation process similar to manufacturing soy sauce or beer. There is a significant amount of high-quality protein and fiber in the PEKILO® MyCoprotein powder. It is also a great source of nutrition in various food applications due to its neutral color and taste. Enifer and its collaborators have already shown how to use it in baking, pastries, snacks, and meat and dairy substitutes.
The PEKILO® MyCoprotein is cultivated in a full-sized industrial fermenter at the center of the plant, which is more than 12 meters tall and 4.5 meters in diameter. During normal operations, the factory will directly employ about 15 people; during building and commissioning, this number will more than double.
Created in Finland in the 1970s, the PEKILO® fermentation process turns waste products from the forest sector into feed-grade MyCoprotein. Enifer has revitalized this singular discovery by transforming it into a food-grade MyCoprotein component and adjusting it to new raw material streams from the food and agricultural industries.
