NoMy Secures New Funding Round to Accelerate Mycoprotein Production

Norwegian Mycelium AS (NoMy), a leading innovator in sustainable fermentation technologies, is pleased to announce its latest funding round, led by strategic investor Nippon Beet Sugar Manufacturing Co., Ltd. (Nitten), listed on the Tokyo Stock Exchange. The investment builds upon and accelerates the partnership between the two companies, which began in April 2024, and aims to commercialize NoMy’s mycoprotein technologies utilizing resources from the beet sugar manufacturing process.

Image courtesy: NoMy

In this funding round, Nitten, who committed €1.25 million to the round, was joined by follow-on investments from an international consortium of investors, including TD Veen, EIT Food, Farvatn Venture, and others. The capital will enable NoMy to scale the deployment of its innovative mycoprotein technologies, diversifying protein supplies and promoting sustainability in the food and feed industry through its partnerships in Japan, Norway and Europe. 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.”