Plant-based meat start-up Novameat has raised €17.4m in an oversubscribed Series A funding round.

Headquartered in Spain, Novameat produces plant-based meat alternatives with a fibrous texture using its proprietary MicroForce technology.

The financing round was led by Sofinnova Partners and Forbion via its BioEconomy Fund, and follows reinvestment from Unovis Asset Management, Praesidium and Rubio Impact Ventures. Funds will be used to enhance Novameat’s commercial activities in new regions and support the expansion of its product portfolio, including the launch of a new ‘Shredded Nova-b*ef’ product on 16 September.

It will also support the further scale-up of production capabilities and accelerate new research and development efforts, contributing to Novameat’s mission to provide healthy and sustainable high-protein products.

The company has already successfully introduced products in Europe and industrially scaled its MicroForce tech, as well as modifying its production facility to meet stringent BRCGS requirements.

Guiseppe Scionti, CEO and founder of Novameat, said: “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.”

Joško Bobanović, partner at Sofinnova Partners, commented: “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.”

Top image: © Novameat

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