Danish alternative-meat start-up Matr Foods is poised to scale up production after securing €20m ($23.2m) in a Series A funding round.
In conjunction with this funding, the food tech company successfully finalized a previously agreed €20m venture debt facility from the European Investment Bank.
The equity financing was co-led by existing backer Novo Holdings, alongside new investor the Export and Investment Fund of Denmark, the Copenhagen-based group stated.
Matr Foods intends to utilize the funds to enhance fermentation capacity at its site in Ansager, Jutland, progressing from pilot operations to an annual output of 4,000 tons.
This investment will allow a “significant” upgrade in manufacturing capabilities to meet the rising demand for its fungi-fermented, clean-label range.
Thomas Grotkjær, partner for planetary health investments at Novo Holdings, emphasized: “As the largest food-tech fundraising round in Denmark this year, this funding reflects not only our confidence in Matr’s organic, fermented products but also recognition that Matr meets consumers’ growing desire for foods that have a positive impact on health, climate, and the environment.”
Matr Foods specializes in developing plant-based meat alternatives through fungal fermentation, using ingredients such as oats, split peas, lupins, beetroots, and potatoes to create a “meaty” texture and flavor.
Founded in 2021, Matr Foods currently supplies Danish online retailer Nemlig.com, operates in two stores under the Alma brand, and collaborates with Aarstiderne’s online platform.
Its foodservice partners include notable establishments such as Gasoline Grill, Sticks ‘n’ Sushi, and Mother Pizza.
CEO Randi Wahlsten stated, “We are very excited to take our production to scale and internationalize the business.”
A new production line is scheduled to be operational by early 2027, with plans to create approximately 60 jobs while supplying clients in Germany, Switzerland, and Denmark.
Regarding international expansion, Wahlsten said that they have “started to expand” into Germany through a partnership with the burger chain Freddy Schilling. However, they faced limitations due to restricted pilot capacity.
“This is what we are changing now with the production scaling unlocked. With that volume now within reach, we have full focus on Germany and Switzerland, as well as the full potential of Denmark and its neighbors,” the executive elaborated.
