SPAIN – Barcelona-based Novameat, a business-to-business company specializing in plant-based meat alternatives, has secured €17.4 million (US$19.3M) in an oversubscribed Series A funding round.
The round is being led by Sofinnova Partners and Forbion through its BioEconomy Fund, with additional support from existing investors such as Unovis Asset Management, Praesidium, and Rubio Impact Ventures.
The new funds will be used to expand Novameat’s product lineup, including the introduction of an improved shredded plant-based beef alternative — Shredded Nova-b*ef — set to be launched on September 16th.
The company is also planning to use the capital to increase its presence in new markets and scale up production with its MicroForce technology.
Giuseppe Scionti, Novameat’s CEO and founder, says that this funding round marks a pivotal moment for the company.
He highlights that the launch of the new shredded plant-based beef comes after receiving positive feedback from the market.
Novameat employs advanced food science and 3D printing technology to create plant-based meats that offer a fibrous texture, high protein levels, fiber, and lower saturated fats.
The company has been making strides in the field since its establishment, producing one of the first 3D-printed plant-based steaks and, in 2020, developing a whole-muscle beef steak.
In 2022, Novameat secured US$6.4 million to expand its whole-cut products and has since scaled its production capacity, upgrading its Barcelona facility to meet BRCGS standards.
The company’s products are now available across several European markets, including Spain, the UK, and the Netherlands, through partnerships with foodservice distributors such as Mighty Plants, Wellocks, and AF Blakemore.
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