Canada’s Phytokana Raises $18M to Build Commercial-Scale Fava Bean Protein Facility

Phytokana Ingredients, a Canadian firm, has raised $17.8 million in equity funding to build a large-scale facility in Alberta for producing plant-based proteins from fava beans. The facility will have the capacity to process 30,000 tonnes of fava beans into protein concentrates and high-protein flours annually, meeting the growing demand for plant-based protein products. The company has already secured significant offtake agreements for its fava protein products, signaling a strong foundation for the project's execution.

Phytokana uses heat- and chemical-free technology to process fava beans into protein concentrates, starch flour, and fava flour with enhanced taste, texture, and nutrition. The fava protein concentrate has 70% protein and 12% dietary fiber, making it suitable for use in a variety of food applications. The company is also partnering with universities to develop new fava varieties and improve the sensory, functional, and nutritional properties of their products. Additionally, Phytokana is working on a product development project with Maia Farms to create mycelium proteins using fava bean byproducts as fermentation media components.