Oslo-based Norwegian Mycelium AS (NoMy), an innovator in sustainable fermentation technologies, announced today its latest funding round with a €1.25 million equity investment to scale the deployment of its mycoprotein technologies.
The funding round was led by strategic investor Nippon Beet Sugar Manufacturing Co., Ltd. (Nitten), listed on the Tokyo Stock Exchange. With follow-on investments from TD Veen, EIT Food, Farvatn, and others.
“We are thrilled to strengthen our excellent collaboration with Nitten Sugar as both a commercial partner and now an investor in this journey,” said Ingrid Dynna, Co-founder and CEO of NoMy. “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.”
Founded in 2020 by Ingrid Dynna and David Andrew Quist, NoMy is a fermentation technology company transforming food industry side streams into high-value ingredients, using the “power of fungi“. Their fungal fermentation technologies are reportedly proven, scalable and cost-effective.
NoMy’s Co-founders bring together a blend of business acumen and scientific expertise. Dynna has a 15-year background at Google and YouTube, where she focused on marketing, sales, strategy, and business development across six countries. Quist, a microbiologist, has advised the Norwegian and European Environment Agencies as well as UN scientific committees. He also brings culinary expertise as the Founder of Hrímnir, an organic restaurant in Oslo.
NoMy presents mycoprotein as a sustainable protein source derived from fungi through fermentation. This process utilises the natural cycles of fermentation to synthesise protein by cultivating fungi, offering an alternative to traditional animal and plant proteins. NoMy emphasises the environmental benefits of mycoprotein production, highlighting its potential to transform food industry side streams into high-value, eco-friendly food and aquafeed ingredients.
The company positions mycoprotein as a key component in advancing sustainable food systems and crucial in addressing the growing challenge of resilient protein supply and long-term food security.
The investment builds upon and accelerates the partnership between NoMy and Nitten, which began in April 2024, and aims to commercialise NoMy’s mycoprotein technologies utilising resources from the beet sugar manufacturing process.
Shu Ishikuri, CEO of Nitten Sugar , commented: “Producing mycoprotein as a new use for
sugar beets, without stopping their use as a sweetener, is one of the solutions to the protein crisis (protein supply shortage) that is a concern on a global scale. It will also lead to the promotion of agriculture in Hokkaido, Japan’s food base, and contribute to the promotion of a sustainable food supply.”
NoMy aims to continue diversifying protein supplies and promoting sustainability in the food and feed industry through its partnerships in Japan, Norway and Europe
Read the orginal article: https://www.eu-startups.com/2025/05/power-of-fungi-norwegian-startup-nomy-raises-e1-25-million-to-scale-its-sustainable-protein-alternative/
