DENMARK – Danish plant based meat company Matr Foods is set to expand its operations after securing €20 million (US$22.2) in debt financing from the European Investment Bank (EIB) to establish a large-scale production facility for its mycelium-based meat alternatives.
Founded in 2021 and based in Copenhagen, Matr Foods has so far been producing its plant-based burger patties and minced meat from fungi fermentation in a small pilot facility.
The company now plans to move to a larger plant by 2026, significantly increasing its production capacity from 30-40 tonnes annually to over 3,000 tonnes of meat analogues.
The funding from the EIB, which is backed by the InvestEU initiative, will allow the company to construct its first commercial-scale factory.
Matr Foods will also channel a portion of the funds into further research and development of its products.
Matr Foods’ CEO, Randi Wahlsten, a former executive at dairy company Arla, expressed enthusiasm about the development.
“The support from the EIB means we can now accelerate production and bring our products to a larger market much faster,” Wahlsten said.
The company was co-founded by Claus Meyer, best known for co-founding the world-renowned Noma restaurant, along with Morten Sommer and Rasmus Toft-Kehler.
Matr Foods uses a solid-state fermentation process to create its meat substitutes, utilizing upcycled ingredients like beetroot, potatoes, lupins, peas, and oats.
The company claims that its process reduces food waste, minimizes the need for heavy processing, and delivers higher nutritional value.
The final product contains just 0.5g of saturated fat and 10g of dietary fiber per serving.
By comparison, Naturli, a leading Danish plant-based meat producer, offers a burger with 11g of saturated fat and 1.8g of fiber.
The company aims to fully penetrate the European plant based meat market, which is booming.
European market for plant-based meat alternatives was valued at approximately US$2.14B in 2023.
Revenue in the meat substitutes sector is expected to reach US$4.07B in 2024, with a projected annual growth rate of 20.4% between 2024 and 2030.
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