KÄÄPÄ Biotech has successfully raised €2.5m ($2.7m). The money has been raised to scale production to meet increasing demand for medicinal mushroom extracts.
KÄÄPÄ Biotech is the owner of KÄÄPÄ Forest, KÄÄPÄ Health, KÄÄPÄ Labs, and Nordic Mushrooms.
“By raising the capital, it is possible for us to say yes to all the new customers," said Eric Puro, CEO of KÄÄPÄ Biotech.
"The feedback from the industry tells us that our product line is what the market has been waiting for," Puro added.
Funding round’s lead investor Applied Food Sciences (AFS) is a leading North American ingredients supplier for companies in the natural products industry.
The feedback from the industry tells us that our product line is what the market has been waiting for
- Eric Puro, CEO of KÄÄPÄ Biotech
Other investors include Halls Group, a South African company dating back to the year 1890, operating in food, pharmaceutical, nutraceutical industries and financial services.
KÄÄPÄ Biotech has also recently partnered with Applied Food Sciences in mid-2023.
"We see a great opportunity to bring some unique ingredients to the market. However, the most important first step was to find the right sourcing partner that could align with the standards of quality, traceability, and sustainability that our customers have grown to expect in Applied Food Sciences," said Loretta Zapp from AFS.
"I truly believe we found that and more through Eric Puro and KÄÄPÄ Biotech, and together we are looking to raise the bar on fungi cultivation, research, and ingredient development," Zapp concluded.