Naplasol, a member of the VEOS Group, has completed the acquisition of Mycorena, a Swedish mycoprotein company known for its product, Promyc®. With this acquisition, Naplasol plans to integrate the production of Promyc® at its industrial facility in Bree, Belgium. The move aims to bolster Naplasol’s mycoprotein product offerings and enhance its position in the alternative protein market.
Mycorena previously raised €24 million in March 2022, marking the largest Series A funding for an alternative protein company in Europe at that time. However, this record was broken by Infinite Roots, which secured $58 million earlier this year. Mycorena’s funding journey continued with a total of €35 million, including support from the European Space Agency’s Discovery Programme, recognizing its potential for space missions. Despite these achievements, Mycorena faced setbacks, including discontinuing a large-scale factory project in Sweden and filing for bankruptcy in July.
Strategic Synergies
Naplasol and Mycorena possess complementary expertise and products, which are expected to create significant future benefits. Wim Slee, co-CEO of VEOS Group, expressed confidence in the partnership.
“Both companies, Naplasol and Mycorena, are active in the same field and have complementary knowledge and products of which we can benefit in the future. We are proud that we can continue the story of Mycorena, as we strongly believe in the future of mycoproteins.”
Mycorena’s journey has been marked by substantial growth and recognition within the mycoprotein industry, but the company faced difficulties in securing necessary funding for expansion. These financial challenges led to the discontinuation of a major factory project and ultimately bankruptcy. COO and co-founder Ebba Fröling remarked on the challenging times Mycorena endured.
“The past few years have been extremely tough for us. Despite forming valuable partnerships and receiving support from our investors, it was not enough. 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.”
Future Prospects
VEOS Group, established in 1974 and headquartered in Belgium, operates globally in the food, pet food, and feed industries. By acquiring Mycorena, the group aims to offer a broader range of sustainable solutions. This acquisition aligns with VEOS Group’s commitment to innovation and sustainability in the protein industry.
Ramkumar Nair, Founder of Mycorena, highlighted the opportunities presented by the acquisition.
“Mycorena has been on an exciting journey toward becoming a leading player in the mycoprotein industry. The acquisition and merger with Naplasol offer a unique opportunity to build on the foundation we have established. We look forward to seeing Mycorena continue to thrive under the strong industrial expertise of the Veos Group.”
The acquisition of Mycorena by Naplasol represents a strategic move to enhance its mycoprotein capabilities and market presence. This partnership is expected to drive innovation and growth within the alternative protein sector. VEOS Group’s extensive experience and global reach will provide substantial support for Mycorena’s development and expansion.
