Barcelona’s Novameat, a B2B company specializing in different cuts of plant-based chicken, beef, and turkey, announces it has raised €17.4 million in an oversubscribed Series A round led by Sofinnova Partners and Forbion via its BioEconomy Fund.
Existing investors like Unovis Asset Management, Praesidium, and Rubio Impact Ventures also reinvested, betting on the company’s realistic alternatives to meat.
The new capital will allow Novameat to expand its product range, including the launch of a new, improved shredded plant-based beef product — Shredded Nova-b*ef — on September 16th. The funds will also help boost commercial activities in new regions and scale production using its proprietary MicroForce technology.
Giuseppe Scionti, CEO and founder of Novameat, commented, “This funding marks a significant milestone in our journey, and we are more committed than ever to empower people to prioritize their wellbeing and our planet. It’s great that this coincides with the launch of our new Shredded Nova-b*ef, which has received incredibly positive feedback in the market.”
The power of MicroForce
Novameat uses advanced food science, 3D printing principles, and high-quality ingredients to create realistic meat alternatives that are said to offer a unique fibrous texture while offering high protein content, fiber, and reduced saturated fats.
Scionti explained that the company’s proprietary MicroForce technology, responsible for the signature texture of its products, is inspired by 3D printing but adapted for large-scale food production. It uses standard food industry equipment with some patented tweaks to achieve the same fibrous texture as 3D printing but on a much bigger scale.
Novameat’s proprietary technology is truly groundbreaking”
He said the manufacturing method delivers minimally processed plant-based meat made from a short list of natural ingredients, including pea protein, sunflower oil, and seaweed extract, minus the bitter aftertaste often found in alternatives. It’s a “plant-based meat that is healthy and can change how plant-based meats are seen on the market,” Ellis said. Additionally, the process doesn’t use additives like methylcellulose or carrageenans to get the right texture, as it builds the texture.
Alex Hoffmann, General Partner for Forbion’s BioEconomy Fund, shared in the announcement, “Novameat’s proprietary technology is truly groundbreaking. We see significant potential not only in their current products but also in the pipeline of innovations they are developing.”
Premium plant-based meat
Since its founding, the company has achieved several milestones, including creating one of the world’s first 3D-printed plant-based steak, followed by a more sophisticated whole-muscle beef steak in 2020.
Later, in 2022, the Catalan startup raised $6.4 million to scale its whole cuts. In addition, the company has introduced several products across Europe, scaled its proprietary MicroForce technology, and updated its production facility located in Barcelona to meet stringent BRCGS requirements.
With commercial partners in Spain, the UK, and the Netherlands, the company says its products have attracted the attention of prominent foodservice customers and industry players. In the UK, Novameat products are available among others through Mighty Plants, Wellocks, and AF Blakemore, and in Spain they are listed through regional distributors. While the company is primarily working with food manufacturers in the Netherlands, it is currently establishing a distribution network.
A new phase of growth
Joško Bobanović, partner at Sofinnova Partners, comments, “With their great tasting products, unique technology platform, strong customer approval, in-house production capacity, and competitive cost structure, they are well-positioned to seize the enormous market opportunity and drive further innovation in the sector.”
Dan Altschuler, Managing Partner at Unovis Asset Management, said, on behalf of the existing investors, “We’ve seen remarkable strides by Novameat’s team since our initial investment. Their continual innovation in creating premium, plant-based meat products is unmatched. We’re delighted to enter this new phase of growth alongside the new investors and are proud to continue our support with those who share our enthusiasm for improving food systems.”
