Finnish biotech Enifer closes a €36M Series B round to build its mycoprotein factory

The Espoo-based biotech company Enifer has announced the closure of a €36 million funding package to start constructing a food-grade mycoprotein factory in Kirkkonummi, Finland. The Series B funding round includes a €15 million round led by the Finnish private equity fund Taaleri Bioindustry Fund I, a €7 million capital loan, a €2 million loan by Finnvera, and a €12 million grant from Business Finland.

About Enifer

  • Established in 2020, Enifer develops a food-grade ingredient based on PEKILO technology. PEKILO mycoprotein is produced by cultivating a specific species of fungus in a fermentation process that is not too distinct from brewing beer or making soy sauce.
  • The produced PEKILO mycoprotein powder contains a lot of high-quality protein and fiber. It is also neutral in color and taste, making it an excellent source of nutrition in the most diverse food applications.

Investment details

  • The freshly closed funding package comprises a €15 million Series B equity funding round led by the Finnish private equity fund Taaleri Bioindustry Fund I, with follow-on investments from existing shareholders Nordic Foodtech VC, Voima Ventures, and Valio.
  • The fresh funding also includes a €7 million capital loan from the Finnish Climate Fund and a €2 million climate and environmental loan provided by Finnvera.
  • Additionally, in January this year Enifer secured a €12 million grant from Business Finland that was also included in the round.

At Enifer, we’re extremely excited to announce the kick-off of our first factory investment project. I would like to thank our new investors, in particular Taaleri Bioindustry and the Finnish Climate Fund, for joining us in our mission. Mycoprotein is the missing ingredient for a more sustainable food chain – the facility in Kantvik serves as a key steppingstone on our path to making mycoprotein a cornerstone of protein supply, with several future factories already being planned,

Simo Ellilä, CEO and co-founder of Enifer, says.
  • Enifer plans to build its factory as a brownfield project within an existing industrial building in Kantvik, Kirkkonummi, Finland. The company will file for Novel Foods approval of the novel ingredient in 2024 and expects to receive approval during 2026.
  • At its core, the factory will harbor a full-sized industrial fermenter, standing more than 12 meters tall and measuring more than 4.5 meters in diameter. The factory will directly employ 15 people. Enifer claims, the factory will produce 500 kilograms of mycoprotein per hour.