Lithuanian medicinal and edible mushroom producer Mishkay Biotech raised investment from Tesonet

Lithuanian medicinal and edible mushroom producer Mishkay Biotech (formerly Pjaunu Gryba) has raised investment from Lithuanian incubator and venture capital company Tesonet. The amount of the financing was not disclosed, but Tesonet tripled its investment, compared to the last year when Tesonet acquired a minority stake in the startup.

In April 2024, the startup was reorganized as Mishkay Biotech, but in Lithuania it continues operating under the brand name Pjaunu Gryba. 

Founded in Lithuania in 2021 by Aurelija Varne, Audrius Brazenas, and Tomas Varnas, Mishkay Biotech grows edible and medicinal mushrooms such as shiitake, lion's mane, eryngii, maitake, and others, from which it produces functional food supplements and food products. The production (farm) is located in the Molėtai District Municipality, about 65 km from Vilnius. The company does not use fertilizers in its production.

Mishkay Biotech has already signed its first contracts with pharmacies and is cooperating with universities. The startup is going to introduce its first products developed in cooperation with doctors, aimed at improving skin condition and controlling cholesterol levels.

Mishkay Biotech will use the investment to complete the construction of an R&D laboratory, expand the cultivation of medicinal mushrooms, and improve its B2B product lines. 

Founded in Vilnius in 2008 by co-founders of Lithuanian digital security and privacy solutions provider Nord Security Tom Ockman and Eimantas Sabaliauskas, Tesonet is an incubator and a venture company. In addition to investment, the company provides startups with expertise in marketing, and coding, can advise on how to turn an idea into a profitable business, and more.