Spanish plant meat leader Heura has raised €40 million in Series B funding, in what it claims is the largest plant-based funding round of 2023. Heura states the funding will drive the company to profitability and reinforce its position as a frontrunner in the industry. The brand is already a leader in the Spanish market and continues to expand across markets such as the UK, France, and Italy.
The round saw participation from leading plant-based company Upfield, venture capital firm Unovis Asset Management, food tech fund the European Circular Bioeconomy Fund, and impact investor Newtree Impact. According to Heura, these investors will form a strategic coalition, creating “one of the biggest plant-based alliances”.
The companies will join a board that aims to increase Heura’s impact on the food industry, with a focus on technology. With the help of the board, Heura will work to set new industry standards, accelerate its international expansion, and develop products in collaboration with other companies.
“Breakthrough technology”
The new funding round follows a previous €20 million raise in 2022, which Heura said it would use to expand into more countries. The company also raised over €2.6 million in a crowdfunding campaign last May.
In April, Heura filed its first patent, showcasing its ability to make plant-based meat and dairy alternatives with no additives. Just five months later, the company unveiled its first product made with the technology, York-style plant-based ham slices.
Heura now plans to expand its portfolio of tech patents, solving challenges in the alt protein industry to help scale up production. The company then hopes to expand its business by licensing the technology.
“This achievement uplifts Heura’s vision of being at the forefront of Europe’s protein transition,” said Marc Coloma, CEO and co-founder of Heura Foods. “To change the food system, we need to move the pressure from consumers to the food industry, placing health and sustainability as non-negotiable. This new chapter will drive us to profitability while allowing us to develop breakthrough technology to tackle the key challenges within the industry in a scalable way.”
