🇸🇪 SMAQO Secures Funding to Launch Hybrid Mycoprotein Products Across the Nordics

Gothenburg, Sweden — [10 September 2025] — SMAQO, a Swedish foodtech company pioneering next-generation hybrid mycoprotein-based foods, today announced its funding round led by Good Startup (Good Protein Fund), a Singapore-based alternative protein-focused venture capital firm, with participation from Singapore-based ITIL Partners and Nuora Capital, a Nordic early-stage impact investment company focused on foodtech.

The funding will accelerate SMAQO’s product development, scale its fermentation capabilities, and enable the launch of its first set of consumer products by the end of the year.

Founded by Dr. Ramkumar Nair, founder and former CEO of Mycorena (now Promyc), one of Europe’s leading mycoprotein companies, SMAQO is on a mission to redefine how mycoprotein products reach a wider consumer base.

Using its proprietary fungi and production platform, the company creates clean-label, high-protein foods with minimal environmental impact — delivering the taste, texture, and nutrition consumers expect without compromise.

“This investment marks a significant milestone for SMAQO,” said Ramkumar Nair, Founder and CEO. “ We’re delighted that our new investors share 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 is known for backing innovative, forward-thinking companies in the alternative protein sector. “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 and 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 angel investor network with a strong foodtech and sustainability mandate, sees SMAQO as a catalyst for regional and global change. “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.”

SMAQO will introduce its first consumer-facing products in the Nordic market this year, with international expansion planned for 2027. The company has secured strategic partnerships — including production partners both in Sweden, its home market, and abroad in Asia — to take its products to the global market using an asset-light model.

About SMAQO SMAQO is a Sweden-based food tech company specializing in mycoprotein-based consumer products created through advanced fermentation. Founded in 2025 by Dr. Ramkumar Nair, SMAQO’s mission is to make nutritious , affordable and sustainable products accessible to all, while dramatically reducing the environmental footprint of food production.

About Good Startup Good Startup is a Singapore-based venture capital firm investing globally in alternative protein and sustainable food technology companies. The firm supports founders who are reshaping the food system for a better planet.

About Nuora Capital Nuora Capital is a Nordic angel investment network focusing on early-stage startups that deliver both strong financial returns and measurable positive impact in areas such as food, health, and climate tech.

Media Contacts:

SMAQO Ramkumar Nair, Founder & CEO

Email: [email protected]

Phone: +46 723 340 281

Good Startup — Good Protein Fund

Gautam Godhwani, Co-founder & Managing Partner

Email: [email protected]

Nuora Capital

Fredrik Östbye, Co-founder & Managing Partner

Email: [email protected]