Danish Startup MATR Foods Secures €40 Million for Fungi Based Meat Alternatives
MATR Foods, a Copenhagen-based startup specializing in meat alternatives made through solid-state fermentation, has raised € 40 million to scale up production. The funding includes € 20 million in equity from Novo Holdings and the Export and Investment Fund of Denmark, along with a previously announced € 20 million debt facility from the European Investment Bank (EIB). The capital will support the construction of a 4,000-ton production plant in Ansager, Jutland, set to begin operations in 2027.
MATR Foods uses a unique solid-state fermentation process to transform legumes, vegetables, and grains such as peas, lupins, beets, potatoes, and oats into protein-rich, savory meat alternatives. The process involves inoculating boiled and chopped ingredients with fungi spores, which boost protein levels, bind ingredients, and develop umami flavors. The harvested biomass is then marinated in beet juice and seasonings, resulting in products that are low in saturated fat and high in fiber.
“We are deliberately targeting a combination of retail and foodservice because we see a very positive spillover from restaurant and canteen experiences to retail interest.”
said CEO Randi Wahlsten to AgFunderNews
Scaling an alternative food product in these times is hard, as other, such as Swedish Stockeld Dreamery just announced they are shutting down.
“We are deliberately not calling our products anything involving the word meat. We are not trying to mimic meat, but to create a new category of meat successors that are just as satisfying and craveable.”
Randi Wahlsten continued
You can read a longer interview over at AgFunderNews:
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