In a sad turn of events, Sweden’s Mycorena, a producer of mycoprotein, has filed for bankruptcy after facing significant financial challenges. The company says it made considerable efforts to overcome these difficulties, including pausing the construction of a large-scale facility and pivoting to a strategic business model.
“Our team is dedicated to coming out of this stronger and continuing Mycorena’s leadership in the mycoprotein segment”
The mycoprotein pioneer also announced that it aims to restructure under new ownership to preserve and build upon its innovations and market presence. According to the leadership statements, there’s optimism that the company can overcome its current challenges and continue its trajectory as a leader in the mycoprotein market.
CEO and founder Ramkumar Nair states: “This was not an easy decision, but we believe it is a necessary step to restructure our business and protect the value that Mycorena has created over the past 7 years. Our team is dedicated to coming out of this stronger and continuing Mycorena’s leadership in the mycoprotein segment. We are grateful to our stakeholders, team, and partners for their support as we look ahead to a stronger future.”
Ramkumar Nair @ Mycorena
The potential of Mycorena’s technology
Magnus Löfving of Advokatfirman Lindahl KB has been appointed as trustee to handle bankruptcy procedures and oversee the process, which includes evaluating the company’s assets and inviting interested parties to bid for ownership to continue operations under new management.
Mycorena holds valuable assets, including patents and trademarks, presenting a lucrative opportunity for potential buyers to continue its operations and capitalize on its groundwork in mycoprotein production.
“We believe in the potential of Mycorena’s technology and products”
Chairman Tore Sveälv shared: “Our team has explored every possible avenue to save this pioneering company. It is with a heavy heart that we announce this decision, but ultimately, we believe in the potential of Mycorena’s technology and products and hope it can continue building value in the industry.”
Löfving comments, “This strong asset portfolio is indeed a testament to the company’s innovation and market relevance. We are confident that we will soon find a buyer who will acquire the business from the bankruptcy estate and continue its operations.”
© Mycorena
Leading fungi fermentation
Mycorena’s achievements are notable. They include:
Leading fungi fermentation since 2017, the company raised over €35 million in funding, including €24 million claimed as the largest ever Nordic Series A round.
Launching the production of its flagship mycoprotein ingredient, Promyc, and developing fungi-based fat and mycoprotein-based butter. Using Promyc, the company’s team created a portfolio of possibilities, including cold cuts, cheese, seafood analogs, meat analogs, and hybrid products.
In 2022, the company hired Bernhard Ilerup of Quorn as Head of Commercial Growth. It also partnered with Lantmännen to develop ingredients using upcycled waste and with Tetra Pak to build a large-scale mycoprotein plant.
Successful product launches since 2021 demonstrated the market potential of Promyc, with consumer products introduced in six EU countries through partnerships and collaborations with Rebl Eats and Peas of Heaven.
In another groundbreaking partnership, Mycorena and 3D-printed seafood company Revo Foods shared their expertise to create a new realistic alt-meat segment with printed mycoprotein.
Furthermore, this year, Mycorena received funding from the European Space Agency’s (ESA) Discovery Programme, recognizing mycoprotein’s potential for use on long-distance space missions due to its nutritional benefits and closed-circuit production system.
At present, the company operates a demo facility in Gothenburg that is said to produce enough mycoprotein ingredients to supply up to 500 tons of end-consumer products.
Co-founder and COO Ebba Fröling highlighted: “We hope for the company to get new ownership in order to build on our significant groundwork and that the team, and their efforts, can remain the same.”
