Gothenburg-based foodtech company SMAQO has raised new funding to scale production and launch its first consumer products, with backing from Singapore’s Good Startup (Good Protein Fund).
The round also saw participation from ITIL Partners and Nordic early-stage investor Nuora Capital. SMAQO develops hybrid mycoprotein products using fermentation technology, aiming to deliver high-protein foods with a lower environmental footprint.
The company was founded by Dr. Ramkumar Nair, previously founder and CEO of Mycorena (now Promyc). With the new investment, SMAQO will introduce its first consumer-facing products in the Nordic market by the end of 2025, before moving towards international expansion in 2027.
“We’re delighted that our new investors share our mission to transform the global food system with scalable, sustainable protein solutions,” says Dr. Ramkumar Nair, Founder and CEO of SMAQO.
Good Startup, known for investing in alternative protein companies across Asia, highlighted SMAQO’s potential to address multiple markets, from ingredients to ready-to-eat consumer products.
According to Fredrik Östbye, Co-founder and Managing Partner at Nuora Capital: “SMAQO represents exactly the type of company we want to back — science-driven, mission-led, and rooted in the Nordics but with global ambitions.”
The company has already secured strategic partnerships in Sweden and Asia to take its products to market through an asset-light model.
Source: ArcticStartup
