Sustainable food technology company Novameat has secured €17.4 million in an oversubscribed Series A funding round, led by Sofinnova Partners and Forbion‘s BioEconomy Fund. The round also saw renewed support from existing investors, including Unovis Asset Management, Praesidium, and Rubio Impact Ventures. The capital injection will be used to scale up production through its innovative MicroForce technology, expand its product range, and boost global market reach.
Novameat, known for its pioneering plant-based products, aims to use its patented MicroForce technology to create plant-based alternatives with a fibrous texture akin to real meat. The company’s business-to-business (B2B) approach and technological scalability have positioned it as a leader in the plant-based protein sector, catering to the growing demand for healthier, sustainable alternatives to animal products.
CEO and founder Giuseppe Scionti described the funding as a significant milestone in the company’s development. “We are grateful for the confidence shown by our new partners and the continued support of our existing investors,” Scionti said. He also highlighted the company’s commitment to wellbeing and sustainability, emphasising that the funding coincides with the upcoming launch of a new product, Shredded Nova-b*ef.
The latest financing will support Novameat’s ambition to expand into new markets and diversify its product line, starting with the introduction of Shredded Nova-b*ef on 16 September. The funds will also enable the company to further scale its production capabilities and intensify research and development efforts.
Founded in Europe, Novameat has made considerable strides in the plant-based food sector, attracting interest from large foodservice clients. Its products, recognised for their distinct texture and flavour, have been rolled out across the continent. The company’s production facility has also been adapted to meet the stringent standards of the British Retail Consortium Global Standards (BRCGS).
Commenting on the investment, Joško Bobanović, Partner at Sofinnova Partners, said: “Novameat has the potential to revolutionise the food industry by providing sustainable and tasty alternatives to animal-based proteins. With their great-tasting products, unique technology platform, and strong customer approval, they are well-positioned to seize the enormous market opportunity.”
Forbion’s Alex Hoffmann praised Novameat’s groundbreaking technology and expressed excitement about the potential of its product pipeline. “We see significant potential not only in their current products but also in their future innovations,” Hoffmann said.
Novameat’s existing investors also expressed enthusiasm about the company’s growth trajectory. Dan Altschuler, Managing Partner at Unovis Asset Management, remarked: “Their continual innovation in plant-based products is unmatched. We’re delighted to continue our support and welcome the new investors who share our vision.”
With the fresh funding, Novameat is poised to strengthen its position in the plant-based protein market, contributing to the global shift towards more sustainable food systems.
