Oslo-based fermentation technology company Norwegian Mycelium (NoMy) has raised a €1.25 million equity investment to accelerate the commercialization of its mycoprotein fermentation technology.
- Launched in 2020 by Ingrid Dynna and David Andrew Quist, NoMy develops biotechnological solutions that convert food industry side streams into high-value protein and fiber ingredients using fungal mycelium.
- NoMy's core approach involves growing filamentous fungi (mycelium) on watery side streams, nutrient-rich by-products from food production that are often discarded.
- These fungi grow on nutrient-rich side streams and produce biomass with around 50% protein, fiber, and minerals. The resulting mycoprotein has a mild taste and meat-like texture, making it useful in food and feed products.
- NoMy also uses AI and digital tools to optimize fermentation conditions and substrate use, including a service called MycoPrime™ launched in Japan to help local industries evaluate and convert side streams.
Details of the deal
- Nippon Beet Sugar Manufacturing (Nitten), Japan's leading manufacturer of beet sugar from domestically produced raw materials, is a strategic investor and commercial partner listed on the Tokyo Stock Exchange, which led the investment
- The collaboration between NoMy and Nitten began in April 2024 and focuses on utilizing by-products from sugar beet processing to produce mycoprotein.
“We are thrilled to strengthen our excellent collaboration with Nitten Sugar as both a commercial partner and now an investor in this journey. Nitten’s deep commitment to sustainability and expertise in sugar production aligns perfectly with NoMy’s vision of a food system that is circular by nature," claims Ingrid Dynna, co-founder and CEO of NoMy.
- Follow-on investments came from Norwegian TD Veen, EIT Food, an EU-backed innovation initiative, and Farvatn.
- The new funding will help the company expand its mycoprotein fermentation technology, focusing on commercial use in Japan and Europe. Part of the money will also support research, developing new food and feed products, and building partnerships, including working more with Nitten in Japan.
