Matr Foods, a Denmark-based start-up specializing in plant-based meat alternatives, has successfully secured a €20 million ($22.1 million) loan from the European Investment Bank (EIB). This financial backing will support the establishment of their first full-scale production facility.
The EIB provided this funding in collaboration with InvestEU, aligning with the European Commission’s sustainability objectives. According to Matr Foods co-founder and CEO Randi Wahlsten, the company is currently operating out of a pilot plant in Nordhavn, Copenhagen, but aims to expand its operations to enhance production capacity by 2026.
Matr Foods produces a variety of plant-based products, including burgers and minced meat, utilizing a fermentation process derived from fungi. While their primary focus is on the out-of-home food service sector in Denmark, their products are also available for online purchase through Nemling.
Wahlsten expressed enthusiasm regarding the loan, stating, “We are thrilled that the EIB, with its strong support, enables us to take the production to scale as fast as possible.” This sentiment reflects the positive reception of their offerings among chefs, restaurants, and consumers, highlighting a growing demand for healthier and more sustainable alternatives to traditional meat products.
The meat alternatives from Matr Foods are made from natural ingredients such as beetroot, potatoes, lupins, and peas. With the newly secured funding, the company plans to scale up its production capacity to approximately 3,000 tonnes annually.
In a recent interview, Wahlsten indicated the limitations posed by the existing pilot facility, which currently restricts production to just 30-40 tonnes per year. However, the company has seen a significant increase in output, reporting a growth of 50-60% since their initial product launch in 2022.
Founded in 2021 alongside three other co-founders—Claus Meyer, Morten Sommera, and Rasmus Toft-Kehler—Matr Foods has previously attracted funding from Novo Holdings, the investment division of the Novo Nordisk Foundation, although specific details on the amount raised were not disclosed.
The EIB highlighted that Matr Foods aligns with the EU’s “bio-economy” initiatives and contributes to the bloc’s Green Deal aimed at achieving net-zero emissions by 2050. Loannis Tsakiris, EIB Vice President, emphasized the importance of innovation in financing the green transition, stating, “Matr brings these two priority areas together, and we are happy to support its endeavor.” He noted the significant growth potential of plant-based meat alternatives, which also offer both environmental and health benefits.
In summary, Matr Foods is poised to make substantial advancements in the food and beverage industry trends by investing in sustainable practices and meeting the rising consumer demand for plant-based options. The loan from the EIB marks a significant step towards evolving the food and drink business landscape, providing meaningful alternatives that cater to the changing food and drink consumer trends.
