Niskus Biotec, an AgTech start-up based in Co. Monaghan, has been selected to take part in an accelerator programme, and will receive $200,000 dollars in pre-seed investment.
Big Idea Ventures, a venture capital (VC) fund based between Paris, New York and Singapore, runs a bi-annual protein accelerator programme, aimed at identifying ways to feed a growing population sustainably.
The firm recently establish a specific, $50 million ‘New Protein Fund I’ which will invest in the 17 early-stage start-ups that it have been selected, only one of which is Irish.
Niskus Biotec creates and develops enhanced ingredients for the food supply chain, and have already established their first product range: MycoGrain.
MycoGrain is a protein rich flour, produced from mushroom mycelium which has been fermented to become suitable for use as a base ingredient in a number of food products. The company can also tailor the taste, texture and aroma by changing the species of mushroom that is used in the fermenter.
Founders Vincent Farrelly, Dr. Alejandra Omarini and Dr. Tony Callaghan recently established a production facility in the Ballybay Enterprise Hub in Co. Monaghan. Speaking about the opportunity with Big Idea Ventures, Farrelly said:
“We are delighted to have been selected for the Big Idea Ventures accelerator, the support from their team is already helping us forge strong collaborations with food companies and connections with food tech investors around the globe.”
Big Idea Ventures has also selected five start-ups from the UK, Germany and Iceland that focus on protein technology to take part in the programme.
The VC said that alternative protein can contribute to making high quality protein cheaper and more readily available, factors which can help with food security and environmental challenges.
Niskus Biotec recently completed a 12-week accelerator programme for early stage agri-food start-ups with global potential, which was run by University College Dublin (UCD).
The company is currently taking part in a separate programme in Reading and in Cambridge in the UK, as one of 61 “high-impact, agri-food start-ups from across Europe”.