Gothenburg-based foodtech company SMAQO has completed a funding round led by Singapore’s Good Startup (Good Protein Fund), with participation from ITIL Partners and Nordic early-stage investor Nuora Capital. The company develops hybrid mycoprotein products using fermentation technology aimed at producing high-protein foods with a lower environmental footprint. The funding will support scaling of production, further product development, and the launch of consumer products in the Nordic market by the end of 2025, with plans for international expansion in 2027.
Founded by Dr. Ramkumar Nair, founder and former CEO of Mycorena (now Promyc), one of Europe’s leading mycoprotein companies, SMAQO is on a mission to redefine how mycoprotein products reach a wider consumer base.
Using its proprietary fungi and production platform, the company creates clean-label, high-protein foods with minimal environmental impact — delivering the taste, texture, and nutrition consumers expect without compromise.
“This investment marks a significant milestone for SMAQO,” said Ramkumar Nair, Founder and CEO. “ We’re delighted that our new investors share our mission to transform the global food system with scalable, sustainable protein solutions. Their strategic backing will help us accelerate our market entry and drive meaningful impact on climate and food security.”
Good Startup is known for backing innovative, forward-thinking companies in the alternative protein sector.
“We’ve been tracking the mycoprotein category for several years, and SMAQO stood out for its ability to combine technical excellence with commercial focus,” said Gautam Godhwani, Co-founder and Managing Partner at Good Startup. “Their platform has the flexibility to address multiple markets — from ingredients to ready-to-eat consumer products — and we’re excited to support their journey from lab to large-scale impact.”
Nuora Capital, a Nordic angel investor network with a strong foodtech and sustainability mandate, sees SMAQO as a catalyst for regional and global change.
“SMAQO represents exactly the type of company we want to back — science-driven, mission-led, and rooted in the Nordics but with global ambitions,” said Fredrik Östbye, Co-founder and Managing Partner at Nuora Capital. “Alternative proteins are key to reducing the environmental footprint of our food system, and SMAQO has the knowledge and technology to make that shift happen.”
SMAQO will introduce its first consumer-facing products in the Nordic market this year, with international expansion planned for 2027. The company has secured strategic partnerships — including production partners both in Sweden, its home market, and abroad in Asia — to take its products to the global market using an asset-light model.
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Read the orginal article: https://arcticstartup.com/smaqo-raises-funding/
