Matr Foods raises €40M to scale and expand fungi-fermented alt-meat globally

Alt-meat start-up Matr Foods has secured €40million (US$46.5 million) in funding to accelerate the scaling and global expansion of its clean label, fungi-fermented plant protein products. The fundraiser is touted to be the “largest” secured by a food tech company in Denmark.

The company plans to use the cash injection to develop a new 4,000-metric-ton plant, which is expected to be operational by 2027. This will allow the firm to fulfil the demand for its products’ “juicy texture and deep umami notes” in Germany, Switzerland, and Denmark.

Matr Foods’ existing investor, Novo Holdings, and incoming investor, the Export and Investment Fund of Denmark (EIFO), and debt from the European Investment Bank, facilitated the funds.

Randi Wahlsten, CEO, Matr, says the funding will help take the company’s production to “scale and internationalize the business.”

“We are looking forward to finally being able to meet the demand of the many customers and chefs who have been unwavering in their support and enthusiasm for Matr products.”

For Thomas Grotkjær, partner, Planetary Health Investments at Novo Holdings, the funding reflects the investor’s confidence in Matr’s organic, fermented products, and recognition that Matr “meets consumers’ growing desire for foods that have a positive impact on health, climate, and the environment — all key focus areas for Novo Holdings — without compromising on taste.”

Advancing fungi-based meat innovation

Matr Foods combines microbiology and gastronomy to create new solutions to address the challenges of climate, biodiversity, and health. The company was founded in Copenhagen in 2021 and includes a team of researchers, chefs, and entrepreneurs with food industry experience.

It develops innovative, organic, plant-based meat alternatives using traditional fungi-based fermentation techniques, and transforms oats, split peas, lupins, beetroots, and potatoes into products with a juicy texture and meaty flavor. It aims to offer a nutritious and sustainable alternative without additives or heavy processing.

Matr Foods’ flagship product, Matr Fungi Mince, is made “entirely from natural ingredients grown in Scandinavia.” It is rich in protein and fiber, low in fat, and has an amino acid profile similar to meat. However, its carbon footprint is 1.5 kg CO2e per kg, 94% lower than beef’s.

“Matr Foods’ technology enables the production of plant-based meat alternatives with a remarkably low carbon footprint, offering high culinary quality at a competitive price,” says Lasse Köhler, investment manager at the EIFO Green Transition Investment Team.

“This investment strengthens Denmark’s position in the development of sustainable foods with significant export potential.”

Food Ingredients First recently spoke with Matr Foods about using open solid-state fermentation to produce a plant-based protein product free of additives.