Novameat, a Barcelona-based sustainable food technology company, announced today that it has raised $19.2 million in a Series A funding round to scale its production capacity for its 3D bioprinted and soy-free alternative meat products among which its new Shredded Nova-b*ef.
Novameat has since 2018 specialized in 3D bioprinting technology, now being the proprietary of ‘MicroForce’ a technology that produces fibrous textures that appears just like the muscle structure of animal meat.
Consumers cannot find Novameat’s plant-based meat products on supermarket shelves, but they might have had the chance to taste them out while sojouring in hotels in Belgium, Spain, the Netherlands and U.K. : “We are a B2B market, we focuses on foodservice providers, distributors, and manufacturers. Some of our key customers include large-scale distributors who supply plant-based products to restaurants, hotels and catering companies,” said Novameat’s CEO Giuseppe Scionti to Forbes, adding that the company started collaborating with large food manufacturers in Europe to develop products destined for both foodservice and retail.
The oversubscribed round was led by Sofinnova Partners and Forbion via its BioEconomy Fund. Existing partners such as Unovis Asset Management, Praesidium, and Rubio Impact Ventures also committed to reinvest.
Plant-based texture winners
This Series A funding coincides with the debut of the newest version of the company’s Shredded Nova-b*ef, launched on September 16. The product which resembles to a braised short rib stripped and shredded from the bone contained 19.9% pea and fava beans protein.
Despite the previous version received positive feedback from the market, Scionti believed something had to be improved. “The latest version of Shredded Nova-b*ef, we focused on improving the texture and mouthfeel by refining our MicroForce technology. We enhanced the fibrous structure to give it a more authentic “pulled” consistency, similar to traditional beef,” he told.
Scionti claims that their products might be some of the ‘healthiest’ in the alt-protein space. Most of the time these products are ultra processed food, but Novameat’s products do not contain soy, gluten, methylcellulos, or added sugars.
Growing Demand for Plant-Based Proteins
The Series A funding comes as the global alternative protein market experiences rapid growth, with the world’s largest food companies leaning into alternative proteins. Analysts project the alternative protein market could reach $290 billion by 2035, with consumer interest in reducing meat consumption and exploring sustainable options driving this growth.
However, more and more companies are entering this space, utilizing a variety of production methodologies that ciclically turn more attractive. Fermentation to produce plant-based protein has gained ground in the past few years.
“While securing investment can be more challenging in today’s environment, we’re seeing that investors remain committed to scalable solutions that have strong technological backing and consumer acceptance, and that can ensure robust unit economics” Scionti commented.
Novameat’s tech is one of the main reasons investors keep coming back. Dan Altschuler, managing partner at Unovis Asset Management said Novameat’s ‘ability to replicate complex textures and tastes positions them at the forefront of the industry,’ and the company iis ‘proud to continue supporting them.’
The $19.2 million funds will be used by the company to enhance Novameat’s commercial activities firstly within Europe, to later look at North America and the Asia-Pacific.
