Mycorena
Mycorena developed Promyc, a mycelium-based fermented mycoprotein ingredient, supplying European food manufacturers via a B2B co-creation model for vegan meat, cheese, and hybrid products. Founded in Sweden in 2017, the company filed for bankruptcy and was acquired by Naplasol (VEOS Group) in August 2024.
- Company typePrivate
- Founded2017
- HeadquartersGothenburg, Sweden
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Mycorena does
Mycorena was a Swedish biotech startup founded in 2017 that developed Promyc, a 100% natural fermented mycoprotein ingredient produced from fungal mycelium through a proprietary fermentation process. The company's core technology combined locally sourced sugars and nutrients with proprietary fungal strains in a high-growth-rate fermentation process, yielding a mycelium root-like structure marketed as having neutral taste, strong nutritional value, and functional structuring properties suitable for meat alternatives, vegan cheese, hybrid meat-mycoprotein products, snacks, and protein-enriched foods. Mycorena operated as a B2B ingredient supplier targeting food manufacturers, offering co-creation services and semi-finished Promyc product, with distribution primarily in Europe and a notable partnership with Swedish retailer ICA Group for mycoprotein nuggets.
Mycorena raised approximately €24 million in a March 2022 Series A — described at the time as Europe's largest Series A for a Nordic alternative protein company — alongside a €1.5 million joint grant with Revo Foods in January 2023 for 3D-printed mycoprotein development. Despite these capital raises, the company encountered financial difficulties when further funding attempts failed and large-scale projects were discontinued, leading to a bankruptcy filing. In August 2024, Naplasol, a member of Belgium-based VEOS Group, acquired Mycorena, assuming ownership of the Promyc brand and mycoprotein technology. Since the acquisition, Promyc has been produced at Naplasol's facility in Bree, Belgium (Kanaal-Noord 1424), with an expanded applications portfolio marketed through a dedicated B2B co-creation channel targeting enterprise food manufacturers. Mycorena no longer operates as an independent entity; the Promyc platform is now a product line within Naplasol/VEOS Group.
Mycorena firmographics
Firmographics- Name
- Mycorena
- Legal name
- Mycorena AB
- Website
- https://mycorena.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- Mycorena developed Promyc, a mycelium-based fermented mycoprotein ingredient, supplying European food manufacturers via a B2B co-creation model for vegan meat, cheese, and hybrid products. Founded in Sweden in 2017, the company filed for bankruptcy and was acquired by Naplasol (VEOS Group) in August 2024.
- Ownership category
- akta.pro rank
Mycorena industry classification
Industry- Product category
- Alternative Protein Ingredients
- NAICS
- Food Manufacturing (311)
- SIC
- Miscellaneous Food Preparations & Kindred Products (2090), Food And Kindred Products (2000)
- akta.pro primary industry
- Mycoprotein & Fungal Proteins (Fusarium/Mycelium-Based) (AFAJAHAE)
- akta.pro secondary industry
- Mycoprotein-Based Foods Manufacturing (AFAKAGAG)
Keywords
Where Mycorena is headquartered
LocationHeadquarters
- HQ city
- Gothenburg
- HQ country
- Sweden
- HQ region
- Europe
Offices1 record
Markets served
Mycorena business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales
Revenue model
- B2B Mycoprotein Ingredient Sales: Naplasol (now owning Mycorena's Promyc) operates as an industrial B2B supplier selling mycoprotein ingredients to food manufacturers for use in vegan and hybrid food products.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels1 record
Mycorena product offering
Product offeringCore offering
Mycorena develops and supplies Promyc®, a 100% natural fermented mycoprotein ingredient produced from fungal mycelium through controlled fermentation. The ingredient is sold as a semi-finished B2B product to food manufacturers, who use it to develop vegan meat alternatives, vegan cheeses, hybrid meat-mycoprotein products, and other protein-enriched foods. Co-creation services support customers in formulating commercial products using Promyc.
Product overview
Mycorena, now owned by Naplasol (a member of VEOS Group), offers Promyc® as its core mycoprotein ingredient. Promyc® is a 100% natural, fermented mycoprotein produced through a controlled fermentation process using fungal mycelium. The product is supplied as a semi-finished B2B ingredient to food manufacturers for use in creating alternative protein products. The product portfolio includes various application categories such as meat replacements, vegan cheese products, hybrid meat-mycoprotein products, snacks, and protein-enriched foods. The manufacturing process involves sourcing local sugars and nutrients, fermenting them with proprietary fungal strains, and harvesting the mycelium structure for supply to B2B customers.
Differentiator
Problem solved
Functional benefit
Brands
- Promyc: Mycoprotein ingredient brand developed by Mycorena, now owned and produced by Naplasol. Used in vegan meat alternatives, hybrid products, cheese alternatives, and various food applications.
Products and services
- Promyc® Mycoprotein Ingredient
- Co-creation Services Custom product development services offered to food manufacturers to co-create vegan, hybrid, and protein-enriched food products using Promyc mycoprotein as the base ingredient.
Companies that use Mycorena
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Mycorena technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Mycorena partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- Naplasol (VEOS Group)coreFollowing the acquisition of Mycorena, Naplasol now produces and markets Promyc mycoproteins as part of their product portfolio, with production at their facility in Belgium.
- Revo FoodsminorMycorena and Revo Foods received €1.5 million in joint funding to develop 3D-printed mycoprotein products, advancing alternative protein sources using innovative manufacturing techniques.
- ICA GroupcoreMycorena partnered with ICA Group (Swedish food retail company) to launch mycoprotein nuggets using the Promyc ingredient. This was a key B2B partnership for commercializing vegan meat alternatives in the Nordic market.
Scale indicators2 records
Recent moves6 records
Expansion highlights4 records
Mycorena competitors and assessment
Company assessmentEmerging players
- The EVERY Company: Fermentation-derived animal-free protein producer (formerly Clara Foods/EVERY) targeting egg and dairy protein replacements. Comparable as a precision/ biomass fermentation B2B ingredient peer to alternative protein manufacturers.
- Revo Foods: Austrian 3D-printed alt-protein company that co-developed mycoprotein products with Mycorena under a €1.5M grant. Adjacent peer leveraging similar fermentation-derived inputs for finished alt-protein foods.
- Remilk: Precision fermentation dairy protein producer supplying B2B ingredients to food manufacturers. Comparable as a fermentation-based protein ingredient supplier using a different substrate (dairy proteins vs mycoprotein).
- Better Meat Co: B2B supplier of plant-based protein ingredients (including via biomass/fermentation-adjacent processes) for hybrid and plant-based meat products. Comparable B2B ingredient strategy serving food manufacturers.
Direct peers
- Nature's Fynd: US-based fermentation company producing a fungal protein (Fy) using a proprietary microbial platform. Comparable to Mycorena in core technology (fungal biomass fermentation) and B2B/consumer protein applications.
- Quorn Foods: Category-defining mycoprotein producer with deep fermentation IP and broad retail presence. Quorn is the most direct competitor to Promyc in fungal mycoprotein, competing both at ingredient and finished-product levels.
- Enough (formerly 3F BIO): Producer of mycoprotein (Abunda) via fungal fermentation, supplying food manufacturers as a B2B protein ingredient. Directly comparable to Promyc in mycoprotein ingredient model and target customers.
Broad incumbents
- Impossible Foods: Large alt-protein brand selling finished plant-based products through retail and foodservice. Less direct on technology (not mycoprotein) but a benchmark for category demand dynamics and B2B/partnership economics.
- Perfect Day: Established precision fermentation dairy protein company with global B2B distribution. Broader incumbent in the fermentation-protein ingredient space, useful as a comparable for scale, partnerships, and B2B GTM benchmarks.
- Beyond Meat: Major plant-based meat brand with global retail presence. Adjacent incumbent relevant for category-level demand signals and B2B foodservice supply economics relevant to Promyc's hybrid applications.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Mycorena social profiles
Digital presenceMycorena financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mycorena leadership team
Management profileNumber of profiles
Profiles1 record
Mycorena funding detail
Funding detailFunding overview
Funding rounds5 records
Investors10 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mycorena M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mycorena
What does Mycorena do?
Mycorena develops and supplies Promyc®, a 100% natural fermented mycoprotein ingredient produced from fungal mycelium through controlled fermentation. The ingredient is sold as a semi-finished B2B product to food manufacturers, who use it to develop vegan meat alternatives, vegan cheeses, hybrid meat-mycoprotein products, and other protein-enriched foods. Co-creation services support customers in formulating commercial products using Promyc.
Is Mycorena a public or private company?
Mycorena is a private company. It is classified as corporate owned and is currently acquired.
When was Mycorena founded?
Mycorena was founded in 2017. It employs 11 to 50 people.
Where is Mycorena based?
Mycorena is headquartered in Gothenburg, Sweden, in the Europe region.
How does Mycorena make money?
One revenue line is on record: B2B Mycoprotein Ingredient Sales.
Who are Mycorena's main competitors?
Emerging players on record are The EVERY Company, Revo Foods, Remilk and Better Meat Co. Direct peers are Nature's Fynd, Quorn Foods and Enough (formerly 3F BIO). Broad incumbents are Impossible Foods, Perfect Day and Beyond Meat.
Does Mycorena have an API?
No public API is recorded for Mycorena.
What industry is Mycorena in?
Mycorena's product category is Alternative Protein Ingredients. Its primary akta.pro industry code is AFAJAHAE, Mycoprotein & Fungal Proteins (Fusarium/Mycelium-Based), with a secondary code of AFAKAGAG, Mycoprotein-Based Foods Manufacturing. Its NAICS code is 311 and its SIC code is 2090.