Mycorena declares bankruptcy but seeks new ownership to continue mycoprotein mission

Last week, Mycorena announced its official filing for bankruptcy. Despite the unwavering commitment of employees, board members, and shareholders, the company has encountered significant financial hurdles that have rendered continued independent operations untenable.

"We have exhaustively explored all avenues to preserve this pioneering enterprise," stated Chairman Tore Sveälv. "This decision is profoundly disheartening, yet we firmly believe in the intrinsic value of Mycorena's technology and products. Our hope is that these assets can continue to create value within the industry under new ownership."

A frontrunner in fungi fermentation and mycoprotein production, Mycorena has grappled with substantial financial challenges over the past two years. Nevertheless, the company achieved a significant milestone in 2021 with the successful market launch of its products, validating the underlying concept. The prevailing belief is that with renewed investment, these offerings can be revitalized and expanded.

Known for its resilience and innovation, Mycorena has been unable to secure the necessary lead investors amidst the challenging financial market conditions.

"This was an exceptionally difficult choice, but we view it as a crucial step to restructure our business and safeguard the value Mycorena has cultivated over the past seven years," added Ramkumar Nair, CEO & Founder. "Our team is resolute in emerging from this stronger than before, positioning Mycorena as a leading force in the mycoprotein sector. We extend our sincere gratitude to our stakeholders, team members, and partners for their unwavering support as we embark on this path towards a brighter future."

Mycorena boasts extensive expertise in fermentation, circular production processes, and mycoprotein product development. The company's overarching mission to attain global leadership in fungi technology and spearhead a sustainability revolution remains steadfast. The recent strategic shift from a B2B model to a more encompassing B2B2C approach signifies a calculated evolution aimed at capturing a substantial market share.

"The past few years have been immensely challenging," said Ebba Fröling, COO & Co-founder, underscoring the challenges faced by the company. "Despite forging valuable partnerships and receiving investor support, it proved insufficient. Our aspiration is to find a new owner who can leverage our substantial groundwork and preserve the contributions of our dedicated team."

Mycorena's comprehensive knowledge base, cutting-edge demonstration facility, and committed workforce present a compelling opportunity for new ownership. The company is well-positioned to continue its trajectory towards becoming a global leader in sustainable food production through fungi technology.

Magnus Löfving of the Swedish law firm Advokatfirman Lindahl KB has been appointed as trustee to oversee the bankruptcy proceedings.

"The company possesses a robust portfolio of valuable assets, including a multitude of patents, trademarks, and other tangible assets that hold significant appeal within Mycorena's industry," stated Löfving. "This substantial asset base is a testament to the company's innovation and market relevance. We are confident in our ability to swiftly identify a buyer willing to acquire the business from the bankruptcy estate and ensure its continued operations."