Osborne Clarke Leads EnjoyVenture On Seed Financing Round Of Kynda
The EUR 3 million transaction was supported with participation from the PHW Group and Clima Now;
Osborne Clarke Leads EnjoyVenture On Seed Financing Round Of Kynda
The EUR 3 million transaction was supported with participation from the PHW Group and Clima Now
Osborne Clarke has advised EnjoyVenture on the seed financing round of the German biotech start-up Kynda.
The EUR 3 million deal was led by EnjoyVenture’s Invest-Impuls Scale Fund with participation from the PHW Group, a leading European company in the field of poultry and alternative proteins and Clima Now, a climate-focused impact investor.
Kynda was founded in 2019 by Daniel MacGowan and Franziskus Schnabel. It develops innovative mycoproteins by converting by-products of the food industry through fermentation. it uses mycelium, the root-like network of fungi, to create a protein-rich, fibre-rich ingredient for the food and animal feed industries.
EnjoyVenture focuses on German seed and Series A start-ups. It has supported over 200 start-ups with its five funds.
The EnjoyVenture's team expressed, “We are excited to partner with the 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.”
Kynda plans to use the seed funding to expand its facility in Jelmstorf, which is scheduled to open later this year.
The Osborne Clarke team advising EnjoyVenture was led by Fabian Mimberg and Dr Benjamin Monheim. It included Victor Robertz Corporate/VC), Christoph Boeminghaus and Nikolaos Xenidis (Commercial), Dr Johannes Graf Ballestrem and Robert Briske (IP).
By: - Daniel