Finnish biotech eniferBio raises €11M in Series A funding

Espoo-based biotech startup eniferBio has raised €11 million in Series A round of funding led by Aqua-Spark to produce eco-friendly fungal protein. Tesi, Valio, Voima Ventures, and Nordic Foodtech VC have also joined the round, ArcticStartup reports.

• eniferBio was founded in 2020 by a team of five experts as a from VTT Technical Research Centre of Finland. The company develops and commercializes the proprietary PEKILO technology, which enables the biotechnological conversion of dilute side streams into a high-protein ingredient, PEKILO mycoprotein.

• The solution is essentially a fungus that can produce a dried powder rich in protein through a special fermentation process. It has a vast variety of usage cases, such as pet food and aquafeed. This protein can replace soy, which is commonly used in fish feed and the cultivation of which poses ecological challenges, such as deforestation in South America.
• The company already has partnered with big global companies in the feed and food industries. The list includes Skretting, the global aquafeed division of Nutreco, Purina for pet food, and Valio for consumer food products.

“We are extremely excited to have our new investors Aqua-Spark, Tesi, and Valio join us on our mission to feed the world with sustainable protein. Together they put a huge amount of new sector-specific know-how and networks at our disposal. We’re also glad to see our long-term backers Nordic Foodtech VC and Voima Ventures double down on their bets and show their continued support for our vision,”

Simo Ellilä, CEO and cofounder of eniferBio, commented.

• Aqua-Spark is the lead investor this round. It is a Netherlands-based global aquaculture investment fund, focusing on alternative feed solutions, farming, technology, disease battling, and market access. Tesi, Valio, Voima Ventures, and Nordic Foodtech VC also participated in the round.
• eniferBio will use the fresh funds to scale up its operations by building industrial production plants and applying for permission to spread mycoprotein usage into new products and markets.