Novameat has raised €17.4m in an oversubscribed Series A round to further scale production and expand its product range and commercial activities.
The Spain-based sustainable food technology firm is engaged in producing plant-based meats with a fibrous texture, developed using its proprietary MicroForce technology.
Its funding round was led by Sofinnova Partners and Forbion’s BioEconomy Fund.
Unovis Asset Management, Praesidium, and Rubio Impact Ventures also reinvested in the food technology company in this round.
In February 2022, the bioengineering startup raised $6m in a pre-Series A funding round, reported Forbes.
Novameat has launched various products across Europe and scaled its MicroForce technology. The company has upgraded its production facility to meet the British Retail Consortium Global Standards (BRCGS) standards.
Novameat CEO and founder Giuseppe Scionti said: “We are delighted to close this Series A round and are grateful for the confidence shown by our new partners and the continued support of our existing investors.
“This funding marks a significant milestone in our journey, and we are more committed than ever to empower people to prioritise their wellbeing and our planet. It’s great that this coincides with the launch of our new Shredded Nova-b*ef, which has received incredibly positive feedback in the market.”
The recent investment will help the food technology firm to expand in the plant-based proteins sector and meet the growing demand.
In addition, the funds will fuel Novameat’s expansion into new regions and support the growth of its product line.
The plans include the upcoming launch of Shredded Nova-b*ef this month.
Furthermore, the investment will enhance production capabilities and boost research and development efforts.
Sofinnova Partners’ partner Joško Bobanović said: “Novameat has the potential to revolutionise the food industry by providing sustainable and tasty alternatives to animal-based proteins.
“With their great tasting products, unique technology platform, strong customer approval, in-house production capacity, and competitive cost structure they are well-positioned to seize the enormous market opportunity and drive further innovation in the sector.”
