Osborne Clarke advises EnjoyVenture on Kynda's seed financing round of over EUR 3 million

Osborne Clarke has advised EnjoyVenture on the seed financing round of the German biotech start-up Kynda. The financing round of EUR 3 million was led by EnjoyVenture with participation from the PHW Group and Clima Now.

Kynda, founded in 2019 by Daniel MacGowan and Franziskus Schnabel, develops innovative mycoproteins by converting by-products of the food industry through fermentation. The company uses mycelium, the root-like network of fungi, to create a protein-rich, fibre-rich ingredient for the food and animal feed industries.

The novel food company has now successfully completed its seed financing round. The round was led by EnjoyVenture’s Invest-Impuls Scale Fund. EnjoyVenture focuses on German seed and Series A start-ups and has already supported over 200 start-ups with its five funds. The round was complemented by the PHW Group, a leading European company in the field of poultry and alternative proteins, as well as Clima Now, a climate-focused impact investor.

“We are excited to partner with 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,” said EnjoyVenture's team.

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, led by Fabian Mimberg and Dr Benjamin Monheim, consisted of Victor Robertz (all Corporate / VC), Christoph Boeminghaus and Nikolaos Xenidis (both Commercial), Dr Johannes Graf Ballestrem and Robert Briske (both IP).