Key Takeaways:
- Novameat raised €17.4 million in an oversubscribed Series A funding round led by Sofinnova Partners and Forbion via its BioEconomy Fund.
- Existing investors, including Unovis Asset Management, Praesidium, and Rubio Impact Ventures, also participated.
- The funds will be used to enhance commercial activities, expand the product portfolio, and scale production capabilities.
- Novameat will launch its new product, Shredded Nova-b*ef, on 16th September.
Series A Funding Announcement
Novameat, a sustainable food technology company specializing in plant-based products with a unique fibrous texture, has successfully raised €17.4 million in a Series A funding round. The investment was led by Sofinnova Partners and Forbion through its BioEconomy Fund, with continued support from existing investors Unovis Asset Management, Praesidium, and Rubio Impact Ventures.
Achievements and Technological Advancements
Since its inception, Novameat has developed innovative plant-based products and scaled its proprietary MicroForce technology, which provides the distinctive texture in its products. The company has also upgraded its production facility to meet BRCGS requirements, further positioning itself as a leader in the plant-based protein market.
Giuseppe Scionti, CEO and Founder of Novameat, expressed his gratitude for the investment: “We are delighted to close this Series A round and are grateful for the confidence shown by our new partners and the continued support of our existing investors. This funding marks a significant milestone in our journey, and we are more committed than ever to empower people to prioritise their wellbeing and our planet. It’s great that this coincides with the launch of our new Shredded Nova-b*ef, which has received incredibly positive feedback in the market.”
Use of Funds
The newly raised capital will be used to boost commercial activities in new regions and support the expansion of the product portfolio, including the upcoming launch of Shredded Nova-b*ef on 16th September. Additionally, the funds will help scale production capabilities and accelerate research and development efforts, enabling Novameat to maintain its leadership in the sustainable, high-protein food sector.
Investor Insights
Joško Bobanović, Partner at Sofinnova Partners, highlighted the potential of Novameat to transform the food industry: “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, strong customer approval, in-house production capacity, and competitive cost structure, they are well-positioned to seize the enormous market opportunity and drive further innovation in the sector.”
Alex Hoffmann, General Partner for Forbion’s BioEconomy Fund, added: “Novameat’s proprietary technology is truly groundbreaking. We see significant potential not only in their current products but also in the pipeline of innovations they are developing. We are excited to work with Novameat as they continue to push the boundaries in plant-based foods and contribute to solving critical global sustainability issues.”
Dan Altschuler, Managing Partner at Unovis Asset Management, echoed similar sentiments: “We’ve seen remarkable strides by Novameat’s team since our initial investment. Their continual innovation in creating premium, plant-based meat products is unmatched. We’re delighted to enter this new phase of growth alongside the new investors and are proud to continue our support.”
