French startup Umiami, an innovator in the plant-based whole cut category, has recently secured €32.5 million in a Series A round, bringing its funding to €59 million and its overall capital raised to an impressive €100 million in just three years.
With the new capital, Umiami aims to become a leader in the plant-based meat market with its whole cuts and clean-label alternatives. The company announced plans to further expand in France and accelerate the distribution of its products in Europe. Moreover, the company has outlined plans for a US market expansion, with the appointment of John Hatto, an experienced FMCG executive, as the new managing director.
Renewed trust from investors
The new round was led by Bpifrance-managed funds Sociétés de Projets Industriels Fund (SPI) and French Tech Seed. Previous investors Astanor Ventures, Redalpine, Newfund, and new participant VERSO Capital also backed Umiami’s expansion plans.
Umiami clarifies that this newly secured capital is additional to the €43 million the company received in non-dilutive financing intended to support the opening of the company’s new factory in Alsace. According to the French startup, this plant has a capacity of 7,500 tons per production line, but is planning to grow output to 20,000 tons. It also explains that it has €34 million in debt and €9 million in subsidies and repayable advances as part of the “France 2030” economic plan.
Jean-Philippe Richard, deputy director of the SPI fund, comments: “Thanks to its unique technology, Umiami is offering an upmarket range of plant-based fillets. It enables us to boost reindustrialisation in France while enhancing the country’s reputation for agri-food expertise internationally through the development of cutting-edge initiatives serving healthy, traceable food with a low carbon footprint.”
Tristan Maurel, Martin Habfast, and Clémence Pedraza founded Umiami in 2020 to create plant-based meat using its whole-cut technology called “umisation”. The startup’s first products include realistic alternatives to chicken breasts, cod, and nuggets.
Following its Swiss launch this August, Umiami says its European expansion will focus on the most dynamic markets. It also has a series of partnerships in the works, which it plans to announce in early 2024. The company already has a presence in Belgium, the Netherlands, Spain, and Italy, where demand for plant-based meat is increasing despite the global economic environment.
Taking on the US market
Umiami aims to enter the challenging US plant-based meat market by introducing its flagship and versatile plant-based chicken fillet. Hatto, with over 30 years of experience in the F&B industry, will guide the company through this new introduction phase, says the startup.
Tristan Maurel and Martin Habfast, co-founders of Umiami, said: “This round of funding will enable us to continue our mission to revolutionise the food industry by offering sustainable and tasty alternatives to meat-based products. With our exceptional team and cutting-edge technology, we’re ready to shape the future of foodtech.”
Umiami will attend Plant-based World Europe 2023 in London.
