Danish meat alternatives producer MATR Foods has signed a €20 million loan agreement with the European Investment Bank (EIB).
The funding, which is supported by the European Commission’s InvestEU initiative, will allow MATR to construct its first full-scale production facility and conduct more R&D. This will enable the company to produce over 3,000 tonnes of its product per year. On LinkedIn, MATR claimed it was the first ever meat alternatives company to gain the support of the EIB.
Healthy and sustainable
MATR uses fungi fermentation to produce meat alternatives made from local crops such as beetroot, potatoes, lupin, and peas. The products are said to require minimal processing and are lower in fat than previous-generation meat alternatives. The fermentation process provides an umami flavor that removes the need for additives, delivering clean-label products.
According to an analysis by climate intelligence platform CarbonCloud, MATR products have a carbon footprint of around 1.6 kg of CO2 per kg of product, which is 94% lower than beef. It is estimated that the company’s new facility could reduce the climate impact of European meals by more than 100,000 tonnes of CO2 per year. As a result, EIB says MATR’s mission is aligned with EU goals to create healthier and greener food systems.
Overwhelmingly positive reception
MATR currently offers two products — a patty and mince. They can be found at various food service outlets throughout Denmark, or purchased from online retailer Nemlig.com. Restaurant chain Sticks’n’Sushi also offers dishes made with MATR products in the UK and Germany.
Last year, MATR announced it had secured follow-on funding from the BioInnovation Institute after taking part in the organisation’s Venture House program. In July of this year, life science investor Novo Holdings also announced an initial investment in the company. At the time, MATR said it was seeing much higher demand than it could supply.
“Our products have been received overwhelmingly well by chefs, restaurants, and consumers, clearly confirming the appetite for cleaner, healthier, and more juicy alternatives to meat,” said Randi Wahlsten, chief executive officer and co-founder of MATR. ”We are thrilled that the EIB, with its strong support, enables us to take the production to scale as fast as possible.”
