MATR Foods, the next generation fermented plant-based meat alternatives firm, has completed its €40m fundraise, including €20m in Series A equity and €20m in venture debt – the largest secured by a food tech company in Denmark.
The fundraising was co-led by existing investor Novo Holdings and incoming investor the Export and Investment Fund of Denmark (EIFO), alongside debt from the European Investment Bank (EIB).
The proceeds of the fundraise will be used to scale the first-of-its-kind, unique and effective fermentation process at MATR Foods Ansager site (Jutland, Denmark) to produce its clean label, fungi fermented products. The investment will enable a significant scale-up in production, from pilot scale to 4,000 tonnes per year.
With the financing in place, the new production line is expected to be operational by early 2027, resulting in approximately 60 new jobs locally, and accommodating customers in Germany, Switzerland, and Denmark.
Randi Wahlsten, CEO, MATR, said: “We are very excited to take our production to scale and internationalise the business. We are looking forward to finally being able to meet the demand of the many customers and chefs who have been unwavering in their support and enthusiasm for MATR products. It is truly humbling to be met with such support and feel the great craving for organic, clean label plant products that offer gastronomic excitement.”
Thomas Grotkjær, partner, Planetary Health Investments, Novo Holdings, added: “As the largest food tech fundraising round in Denmark this year, this funding reflects not only our confidence in MATR’s organic, fermented products, but also recognition that MATR meets consumers’ growing desire for foods that have a positive impact on health, climate, and the environment — all key focus areas for Novo Holdings — without compromising on taste.”
Lasse Köhler, investment manager, EIFO Green Transition Investment Team, said: “EIFO’s investment in MATR Foods exemplifies our commitment to supporting Danish food innovation and the green transition around the globe. MATR Foods’ technology enables the production of plant-based meat alternatives with a remarkably low carbon footprint, offering high culinary quality at a competitive price. This investment strengthens Denmark’s position in the development of sustainable foods with significant export potential.”