Oslo-based Norwegian Mycelium (NoMy) announced a new funding round to support its growth. The company received €1.25 million in equity investment. The funding aims to accelerate the development and deployment of its fungal-based protein technologies.
The investment was led by Nippon Beet Sugar Manufacturing (Nitten), a Japanese company listed on the Tokyo Stock Exchange. Additional investments came from TD Veen, EIT Food, Farvatn, and other partners. The funding underscores growing interest in sustainable food innovations and circular economy solutions.
Ingrid Dynna, CEO and Co-founder of NoMy, expressed her enthusiasm. She highlighted the strengthening of collaboration with Nitten through both partnership and investment. Dynna said Nitten’s focus on sustainability and expertise in sugar production align well with NoMy’s mission to develop a circular food system that maximizes resource efficiency.
Founded in 2020, the company uses fungi to produce mycoprotein, a sustainable and healthy protein source. Their technologies are reported to be scalable, proven, and cost-effective, making them suitable for industrial applications.
NoMy promotes mycoprotein as an eco-friendly alternative to traditional proteins. The fungi are cultivated through fermentation, utilizing natural biological cycles. This process transforms food industry side streams into high-quality protein ingredients for food and aquaculture.
The company emphasizes the environmental benefits of converting waste streams into sustainable food products. It aims to support resilient, circular food systems and help address global protein shortages.
The new funding builds on the partnership with Nitten, initiated in April 2024. The goal is to commercialize NoMy’s fungi-based proteins using resources from beet sugar manufacturing. Nitten’s CEO, Shu Ishikuri, highlighted the potential of using sugar beets for mycoprotein. He explained that this approach can contribute to solving the global protein crisis while promoting sustainable agriculture in Japan.
NoMy plans to expand its partnerships across Japan, Norway, and Europe, aiming to diversify protein sources and foster sustainability in the food and feed industries.
