The world is facing the major challenge of doubling the protein supply by 2050 to answer the demand from a larger population, while simultaneously decreasing CO2 emissions from the food value chain.

Against that backdrop, eniferBio, a Finland-based startup, has just raised EUR 11 Mln series A to make planet-friendly fungal protein from the by-products of food and agricultural processes.

With the investment, eniferBio will begin to scale the production of its PEKILO® mycoprotein powder, which contains very high levels of protein, healthy carbs, fats, and minerals. Its carbon footprint is over 50x smaller than beef’s, and does not require large land masses or water usage like growing soybeans.

The series A-round was led by Aqua-Spark and joined by Tesi, Valio, Voima Ventures, and Nordic Foodtech VC.