Nordic Foodtech VC and Enifer: Pioneering Sustainable Solutions in Foodtech
June 6, 2025, 10:32 pm
In the heart of Helsinki, a financial revolution is brewing. Nordic Foodtech VC has just closed its second fund at €40 million, with a target of €80 million. This venture capital firm is not just another player in the investment game; it’s a beacon for innovation in the food and agriculture sectors. The world is changing, and so is the way we think about food. The current global food system is like a ship with holes. It’s leaking efficiency and sustainability. Nordic Foodtech VC aims to patch those holes with cutting-edge technology and fresh ideas.
Founded in 2019, Nordic Foodtech VC is the first Nordic venture capital fund dedicated to tangible solutions in foodtech. It operates two funds, with the first launched in 2020. The firm is backed by institutional investors like Tesi and Elo Mutual Pension Insurance Company, along with food industry stakeholders such as Valio Pension Fund and Heino Group. This diverse backing reflects a shared vision: a food system that is efficient, sustainable, and capable of feeding a growing global population.
The firm invests in pre-seed and seed-stage companies. Its focus is on startups that tackle critical issues from “the soil to the orbit.” This includes everything from innovative protein sources to smarter ways of eating. Initial investments range from a few hundred thousand euros to €2 million, with a reserve for follow-on funding. The goal is clear: to support companies that can create real-world impact while also delivering solid returns.
The first fund has already made waves, investing in 18 companies across the Nordics and Baltics. These companies are not just chasing profits; they are addressing significant industry challenges. They are producing affordable protein ingredients, functional fats, and natural food colors. They are even capturing nutrients from wastewater and recycling waste into fertilizers. The portfolio is a testament to the firm’s commitment to innovation and sustainability.
Despite a downturn in venture capital investments affecting the food sector, Nordic Foodtech VC remains undeterred. The need for solutions in the food system is as pressing as ever. The firm’s strategy is to invest in companies that solve business-critical problems in collaboration with the industry. This approach is vital, especially as universities and research institutes often struggle to secure early-stage risk capital. Nordic Foodtech VC fills that gap, helping startups spin out successfully.
Lauri Reuter, a partner at Nordic Foodtech VC, emphasizes the firm’s unique position. They invest in “planet-sized business opportunities in bite-sized chunks.” This means they are not just looking for quick wins; they are in it for the long haul. The team’s expertise allows them to identify startups that are solving tangible problems, ensuring good returns within a fund cycle. Their vision is to build a food system that respects planetary boundaries.
Meanwhile, in Brazil, another exciting development is unfolding. Finnish mycoprotein company Enifer is making its mark in Latin America. In partnership with Brazilian ethanol producer FS, Enifer is set to introduce its PEKILO® fermentation technology to the region. This collaboration is groundbreaking. It marks the first time Enifer’s production processes will operate outside Europe, utilizing corn ethanol-derived thin stillage as feedstock.
FS is constructing a pilot-scale industrial process that will produce around 500 tonnes of PEKILO®Pet and PEKILO®Aqua annually. This is a significant step towards improving resource efficiency and advancing circular economy principles. The project is backed by R$9.8 million from Brazil’s innovation agency, FINEP, under the Mais Inovação Brasil program. Once operational, the plant could scale up to produce 10,000 tonnes of PEKILO® annually, targeting the pet food and aquaculture industries in Brazil and beyond.
PEKILO® products are rich in protein and beta-glucan fiber, making them a nutritious choice for animal feed. This innovation not only adds value to second-crop corn but also aligns with sustainability goals. Rafael Abud, CEO of FS, highlights the project’s commitment to innovation and sustainability. It’s a win-win: using existing raw materials without compromising other production processes.
Enifer is also finalizing its first full-scale PEKILO® production facility in Finland, backed by €33 million in funding. This facility aims to produce up to 3,000 tons of high-quality mycoprotein ingredients annually. The company is making strides in regulatory approval, seeking to sell PEKILO® in the EU as a novel food. A recent life-cycle assessment shows that PEKILO®Pet has a significantly lower carbon footprint than many traditional pet food ingredients.
The transfer of Enifer’s technology to Brazil is a testament to its flexibility and robustness. It demonstrates that PEKILO® can deliver consistent performance across various raw materials and industrial settings. This adaptability is crucial in a world where sustainability is no longer optional; it’s a necessity.
In conclusion, both Nordic Foodtech VC and Enifer are at the forefront of a foodtech revolution. They are not just investing in the future; they are shaping it. As the global food system faces unprecedented challenges, these companies are leading the charge towards sustainable solutions. They are proving that innovation and sustainability can go hand in hand, creating a brighter future for food and agriculture. The journey is just beginning, and the possibilities are endless.
Founded in 2019, Nordic Foodtech VC is the first Nordic venture capital fund dedicated to tangible solutions in foodtech. It operates two funds, with the first launched in 2020. The firm is backed by institutional investors like Tesi and Elo Mutual Pension Insurance Company, along with food industry stakeholders such as Valio Pension Fund and Heino Group. This diverse backing reflects a shared vision: a food system that is efficient, sustainable, and capable of feeding a growing global population.
The firm invests in pre-seed and seed-stage companies. Its focus is on startups that tackle critical issues from “the soil to the orbit.” This includes everything from innovative protein sources to smarter ways of eating. Initial investments range from a few hundred thousand euros to €2 million, with a reserve for follow-on funding. The goal is clear: to support companies that can create real-world impact while also delivering solid returns.
The first fund has already made waves, investing in 18 companies across the Nordics and Baltics. These companies are not just chasing profits; they are addressing significant industry challenges. They are producing affordable protein ingredients, functional fats, and natural food colors. They are even capturing nutrients from wastewater and recycling waste into fertilizers. The portfolio is a testament to the firm’s commitment to innovation and sustainability.
Despite a downturn in venture capital investments affecting the food sector, Nordic Foodtech VC remains undeterred. The need for solutions in the food system is as pressing as ever. The firm’s strategy is to invest in companies that solve business-critical problems in collaboration with the industry. This approach is vital, especially as universities and research institutes often struggle to secure early-stage risk capital. Nordic Foodtech VC fills that gap, helping startups spin out successfully.
Lauri Reuter, a partner at Nordic Foodtech VC, emphasizes the firm’s unique position. They invest in “planet-sized business opportunities in bite-sized chunks.” This means they are not just looking for quick wins; they are in it for the long haul. The team’s expertise allows them to identify startups that are solving tangible problems, ensuring good returns within a fund cycle. Their vision is to build a food system that respects planetary boundaries.
Meanwhile, in Brazil, another exciting development is unfolding. Finnish mycoprotein company Enifer is making its mark in Latin America. In partnership with Brazilian ethanol producer FS, Enifer is set to introduce its PEKILO® fermentation technology to the region. This collaboration is groundbreaking. It marks the first time Enifer’s production processes will operate outside Europe, utilizing corn ethanol-derived thin stillage as feedstock.
FS is constructing a pilot-scale industrial process that will produce around 500 tonnes of PEKILO®Pet and PEKILO®Aqua annually. This is a significant step towards improving resource efficiency and advancing circular economy principles. The project is backed by R$9.8 million from Brazil’s innovation agency, FINEP, under the Mais Inovação Brasil program. Once operational, the plant could scale up to produce 10,000 tonnes of PEKILO® annually, targeting the pet food and aquaculture industries in Brazil and beyond.
PEKILO® products are rich in protein and beta-glucan fiber, making them a nutritious choice for animal feed. This innovation not only adds value to second-crop corn but also aligns with sustainability goals. Rafael Abud, CEO of FS, highlights the project’s commitment to innovation and sustainability. It’s a win-win: using existing raw materials without compromising other production processes.
Enifer is also finalizing its first full-scale PEKILO® production facility in Finland, backed by €33 million in funding. This facility aims to produce up to 3,000 tons of high-quality mycoprotein ingredients annually. The company is making strides in regulatory approval, seeking to sell PEKILO® in the EU as a novel food. A recent life-cycle assessment shows that PEKILO®Pet has a significantly lower carbon footprint than many traditional pet food ingredients.
The transfer of Enifer’s technology to Brazil is a testament to its flexibility and robustness. It demonstrates that PEKILO® can deliver consistent performance across various raw materials and industrial settings. This adaptability is crucial in a world where sustainability is no longer optional; it’s a necessity.
In conclusion, both Nordic Foodtech VC and Enifer are at the forefront of a foodtech revolution. They are not just investing in the future; they are shaping it. As the global food system faces unprecedented challenges, these companies are leading the charge towards sustainable solutions. They are proving that innovation and sustainability can go hand in hand, creating a brighter future for food and agriculture. The journey is just beginning, and the possibilities are endless.