Swedish startup Ironic Biotech raises €1M led by Finland’s Nordic Foodtech VC

Swedish biotech startup Ironic Biotech has closed a pre-seed funding round of €1M, led by Nordic Foodtech VC. The company will use the funds to develop new ways to help 2 billion people suffering from iron deficiency and anemia.

• Founded in 2020 Dr. Nélida Leiva Eriksson, Ironic Biotech develops new generation of plant-derived proteins that contain iron, which are highly bioavailable with no side effects. These proteins are produced through precision fermentation and may be used as ingredients in food or food supplements.
• The startup addresses the problem of iron deficiency, which may affect up to 25% of the world’s population. Lack of iron leads to several symptoms like severe exhaustion, fatigue, heart palpitations, learning disabilities, and anemia. Thus, iron supplements may help prevent the diseases associated with the deficiency, however they can also cause extensive side effects. Ironic Biotech claims its solution doesn’t have any.

New ingredients like this enable the food industry to tackle a global health problem with new products. Worries about iron uptake are also a significant barrier to reducing the use of red meat in the Western diet. Putting a fundamental innovation like this to work takes effort, talent, and a bit of time. As an early investor, we work tightly with the team to build a solid foundation for success,

Louise Heiberg, Investment Director at Nordic Foodtech VC, says.

• Nordic Foodtech VC is the lead investor in the round. It is a Helsinki-based venture capital fund investing in early-stage companies aiming to radically renew the food system. The fund was launched in 2020 and has €42 million to invest in approximately 20 companies in the Nordics and Baltics.

The startup will use the funds to further ramp up work, expanding its patent portfolio, and optimizing the production process. The team is now looking for partners in the food and food supplement industry to work with.