German biotech startup Kynda has raised €3 million in a seed funding round to transform food-industry by-products into high-quality, sustainable mycoproteins. The investment was led by EnjoyVenture, with support from PHW Group and Clima Now.
- Kynda was founded in 2019 by Daniel MacGowan-von Holstein and Franziskus Schnabel, the firm develops mycoproteins by converting agricultural by-products through fermentation.
- The company uses mycelium, the root structure of fungi, to create a high-protein, fiber-rich ingredient for the food and pet food industries.
- Its fermentation process blends agricultural by-products with fungi in a bioreactor, producing mycelium within 24-48 hours. This method ensures a consistent supply of protein while reducing costs associated with drying and transport.
Details of the deal
- The investment was led by Düsseldorf-based VC EnjoyVenture, which has backed 200+ startups and manages five funds worth €160 million, focusing on German Seed and Series A startups across industries.
"We are excited to partner with PHW-Group, one of Europe’s largest meat producers. Together, we aim to leverage Kynda's innovative fermentation technology and PHW’s industry expertise to drive sustainable solutions and create new opportunities in the alternative protein space," EnjoyVenture's team, commented on LinkedIn.
- The round also saw support from PHW Group, a European poultry and alternative protein leader, Clima Now, a climate-focused impact investor, and CELL Invest, joining in a second closing.
- Kynda will use the €3 million Seed funding to scale production at its new Jelmstorf facility, opening this year, enhance its fermentation technology, and accelerate commercialization.
- Additionally, Partnering with PHW Group, will help the startup to optimize its circular economy model by transforming food-industry byproducts into sustainable mycoproteins, reducing water use, emissions, and waste.
"This strategic partnership creates exciting synergies, accelerating the implementation and commercialisation of our technology and superfood raw materials. With PHW’s support, we are well-positioned to drive sustainable innovation at scale," co-founder of Kynda, Franziskus Schnabel, stated.
