SMAQO raises funding to bring hybrid mycoprotein foods to Nordic consumers

Gothenburg-based food-tech company SMAQO has secured fresh investment to launch its first consumer products and scale its fermentation platform, marking a new chapter in the Nordics’ alternative protein sector.

The funding round was led by Good Startup, the Singapore-based venture capital firm behind the Good Protein Fund, with participation from Singapore’s ITIL Partners and Nuora Capital, a Nordic early-stage impact investor. While the size of the round was not disclosed, the company said the capital will accelerate product development and support the debut of its hybrid mycoprotein-based foods before the end of the year.

Founded earlier in 2025 by Dr Ramkumar Nair, former CEO of mycoprotein pioneer Mycorena (now Promyc), SMAQO aims to make fungi-derived protein more accessible to everyday consumers. Its platform uses proprietary strains and processes to produce high-protein, clean-label foods designed to match conventional meat in taste and texture, while reducing the environmental footprint of food production.

“This investment marked a significant milestone for SMAQO,” said Nair. “We were delighted that our new investors shared 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, which has backed a range of alternative protein companies across categories including cultivated meat, fermentation, and plant-based products, said SMAQO’s focus on both technical excellence and commercial execution set it apart.

“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 & 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 network of angel investors with a mandate to fund foodtech and sustainability ventures, said SMAQO reflected the type of company it was established to support.

“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.”

The company’s initial lineup will include hybrid mycoprotein products such as meatballs, with further launches planned across the Nordic region in 2025 and 2026. International expansion is scheduled for 2027.

SMAQO has already lined up production partners in Sweden and Asia, a strategy designed to enable rapid scaling while keeping capital expenditure low. By adopting what it calls an asset-light model, the company intends to expand globally without needing to build its own large-scale facilities.

For Nair, the new venture builds on his track record in commercializing mycoprotein. During his time at Mycorena, he oversaw the company’s growth from an early-stage startup into one of Europe’s leading fermentation-based protein suppliers. With SMAQO, he said the ambition is not just to produce ingredients but to bring finished products directly to consumers.

“We believe mycoprotein can become a cornerstone of future diets,” Nair said. “But to make that happen, it must be more than just a novel ingredient. It needs to be part of everyday meals, in formats people recognize and enjoy.”

Mycoprotein has long been seen as one of the most promising alternatives to animal protein, offering a naturally high-protein, high-fiber profile with low environmental impact. However, scaling production and reaching mainstream consumers remain challenges for many startups in the field. SMAQO hopes its hybrid approach – blending mycoprotein with familiar ingredients to create accessible products – will help overcome those barriers.

As the company prepares to launch its first products in the coming months, the focus is on balancing taste, nutrition, and affordability. “Ultimately, consumers judge food on flavor and price,” Nair said. “Our goal is to meet those expectations while delivering the sustainability benefits that make alternative proteins essential for the future.”

With backing from investors in both Europe and Asia, SMAQO now has the resources and partnerships to take its technology beyond the Nordic market. The company said it views international expansion not as a long-term aspiration but as a core part of its strategy from the outset.

Founded on a mission to make nutritious, affordable, and sustainable foods accessible to all, SMAQO sees its role as both commercial and environmental. “The food system needs to change quickly,” Nair said. “We believe fungi hold one of the keys, and we’re ready to prove it.”