Oslo-based Norwegian Mycelium AS (NoMy) has secured a new funding round led by Nippon Beet Sugar Manufacturing Co., Ltd. (Nitten), deepening a partnership established in 2024. The round, for an undisclosed amount, also included follow-on investments from TD Veen, EIT Food and Farvatn. NoMy develops fermentation-based mycoprotein technology that utilizes byproducts from beet sugar production. The new capital will be used to scale its production capabilities and support commercial activities across Japan, Norway, and Europe, with a focus on developing more sustainable protein sources for the food and feed industries.
Norwegian Mycelium is a biotechnology company that develops fungal fermentation technologies to convert food industry side streams into sustainable ingredients for food and aquafeed. Its process is designed to be scalable and cost-efficient, contributing to circular resource use in the food system. The company is characterized by high cognitive and cultural diversity, with 69% female employees, 11 female founders, and a team representing over 50 nationalities.
NoMy’s technology is crucial in addressing the growing challenge of resilient protein supply and long-term food security.
“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.”
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.”
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Read the orginal article: https://arcticstartup.com/norwegian-mycelium-as-nomy-raises-new-funding/
