SPAIN - Barcelona's Novameat has successfully raised €17.4 million (US$19.4 million) in a Series A funding round led by Sofinnova Partners and Forbion BioEconomy. 

The round also saw participation from existing investors Praesidium, Unovis Asset Management, and Rubio Impact Ventures. This investment increases Novameat's total funding to approximately €25 million (US$27.8 million).

The new capital will be used to enhance Novameat's market presence across Europe, expand its product portfolio, and scale up production. 

The startup is set to launch its new Shredded Nova-b*ef product on September 16, leveraging its advanced MicroForce technology. 

This innovative production process replaces the initial 3D printing techniques with a more scalable method that operates at room temperature and boasts lower energy requirements compared to traditional extrusion methods.

Novameat’s proprietary MicroForce technology is a low-temperature, low-pressure texturizing system that produces plant-based meat with a fibrous texture similar to animal meat. 

This technology eliminates the need for additives such as methylcellulose and carrageenan, allowing for the creation of various meat analogues including strips, steaks, chunks, and pulled meats. 

According to founder Giuseppe Scionti, this approach is not only cost-effective but also supports a broader range of proteins beyond just soy and gluten.

The Series A funding will support Novameat's expansion efforts, including scaling production at its Barcelona facility, which currently produces around five tons per month but has the capacity to increase to 10 tons, and potentially up to 50 tons. 

The company is also exploring production partnerships across Europe and has received positive interest from larger players in the food service and manufacturing sectors.

Despite a general decline in investment for plant-based foods, Novameat’s technology has attracted significant investor interest. 

The company’s focus on natural ingredients, competitive pricing, and a clear path to profitability were key factors in securing the funding. The investment will also facilitate continued research and development to drive further innovation in plant-based meats.

“Our proprietary technology is truly groundbreaking,” said Alex Hoffmann, General Partner at Forbion’s BioEconomy Fund. “We see significant potential not only in their current products but also in the pipeline of innovations they are developing.”