Matr Foods secures €20m in Series A to scale up production

Danish alternative-meat start-up Matr Foods is looking to scale up production after raising €20m ($23.2m) in a Series A funding round.

Alongside the funding, the food tech company completed a previously agreed €20m venture debt facility from the European Investment Bank.

The equity financing was co-led by existing backer Novo Holdings and new investor the Export and Investment Fund of Denmark, the Copenhagen-headquartered group said in a statement.

Matr Foods plans to use the proceeds to expand fermentation capacity at its site in Ansager, Jutland, moving from pilot operations to annual output of 4,000t.

The company said the investment will enable a “significant” step-up in manufacturing to meet demand for its fungi-fermented, clean-label range.

Thomas Grotkjær, partner for planetary health investments at Novo Holdings, said: “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."

Matr Foods develops plant-based meat alternatives using fungal fermentation, with ingredients including oats, split peas, lupins, beetroots and potatoes to achieve a “meaty” texture and flavour.

Founded in 2021, Matr Foods supplies Danish online retailer Nemlig.com, Copenhagen-based Alma’s two stores and Aarstiderne’s online platform.

Its foodservice customers include Gasoline Grill, Sticks ‘n’ Sushi and Mother Pizza.

Randi Wahlsten, Matr Foods' CEO, said: “We are very excited to take our production to scale and internationalise the business.”

A new production line is set to be operational by early 2027, with plans to create around 60 jobs and supply clients in Germany, Switzerland and Denmark.

On international expansion, Wahlsten told Just Food it has “started to expand" to Germany through a deal with burger chain Freddy Schilling". However, limited pilot capacity has held back further expansion in the country.

“This is what we are changing now with the production scaling unlocked. With that volume now in line of sight, we have full focus on Germany and Switzerland as well as the full potential of Denmark and neighbours,” the executive explained.

"Matr Foods secures €20m in Series A to scale up production" was originally created and published by Just Food, a GlobalData owned brand.

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