Spain’s MOA Foodtech, a B2B platform for alternative proteins and sustainable ingredients, announces the closure of a Series A funding round led by the Dutch venture capital firm ICOS Capital. Notable investors ClaveMayor, Viscofan, SODENA, and Banco Sabadell also participated.
Founded in 2021 in Pamplona, Navarra by Susana Sánchez (CSO), José María Elorza (CFO), and Bosco Emparanza (CEO), MOA Foodtech leverages precision fermentation, agrifood side streams, and AI to discover and deliver carbon-efficient microbial proteins and functional ingredients for the F&B industry.
“The funds will be primarily used to enhance our commercial strategies and continue developing our AI platform”
The financial boost aims to facilitate a comprehensive market launch targeting international customers. To do so, the company will expand its operations, including developing a commercialization strategy, production scale-up, and enhancing its AI platform, aiming to position itself at the forefront of sustainable ingredient production.
Elorza explains, “The funds will be primarily used to enhance our commercial strategies and continue developing our AI platform, Albatros, which streamlines the creation of new ingredients and solutions, reducing both time and costs.”
Advantages of fermented proteins
MOA’s fermented proteins are said to boast excellent nutritional qualities, containing all essential amino acids, offering great digestibility with a PDCAAS of 0.9 and no allergens. As explained by the company, their functional properties and sensory attributes make them suitable for multiple applications, including plant-based meat and cheese, sauces, and bread.
The company’s approach to producing alternative proteins from agrifood byproducts such as cereals, bagasse, and legumes through fermentation is said to promote circular solutions in the agrifood sector; it contributes to a more sustainable ecosystem by reducing environmental impact and minimizing waste and GHG associated with food production. According to the company, the current production model is responsible for 30% of global GHG and 80% of deforestation.
In addition, by upcycling side streams, MOA’s production contributes to climate change prevention, ocean acidification mitigation, and biodiversity conservation.
Efficient alternatives to animal proteins
MOA Foodtech was a finalist at Fi Europe‘s Most Innovative AI Solution Supporting the Food & Beverage Industry 2023. And in 2022, it was selected as one of the six leading startups in innovation in the pet food sector by Purina’s ‘Unleashed Accelerator’ program.
MOA has also been awarded with the Orizont award to the most innovative company, it has been recognized as “Best European Startup” during the Smart Agrifood Summit, and won the Scale It Up challenge last year, among other recognitions.
Katarzyna Gil, Principal at ICOS Capital, comments, “MOA Foodtech utilizes the combined potential of industrial biotech and AI to deliver cost-competitive and carbon-efficient functional ingredients that address the global need for sufficient nutritional ingredients, while applying circular approaches through valorizing agrifood side streams.
“We are very excited to be part of this scale-up financing round and we look forward to contributing our expertise and experience to the company’s growth journey.”
