Novameat’s Chopped B*ef resembles a braised short rib that has been removed and chopped from … [+]
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 patented bioprinting technology and soy-free alternative meat products , including the new Shredded Nova-b *ef.
Novameat has specialized since 2018 in 3D bioprinting technology, now owning “MicroForce” a technology that produces fibrous textures that appear exactly like the muscle structure of animal meat.
Consumers cannot find Novameat’s plant-based meat products on supermarket shelves, but they may have had the opportunity to try them while staying in hotels in Belgium, Spain, the Netherlands and the UK: “We are a B2B market, we focus on food service providers, distributors and manufacturers. Some of our key customers include large-scale distributors that supply plant-based products to restaurants, hotels and catering companies,” Novameat CEO Giuseppe Scionti told Forbes, adding that the company has begun working with major food manufacturers in Europe to develop products intended for both food and retail.
The oversubscription round was led by Sofinnova Partners and Forbion through the 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 company’s newest version of Shredded Nova-b*ef, which was released on September 16. The product, which looks like braised short rib stripped and shredded from the bone, contained 19.9% pea and fava protein.
Although the previous version received positive feedback from the market, Scionti believed that something needed to be improved. “The latest version of Shredded Nova-b*ef, we focused on improving texture and mouthfeel by improving MicroForce technology. We improved the fiber structure to give it a more authentic ‘pulled’ consistency, similar to traditional beef,” he said. The new version now contains 20% protein, all from pea protein.
Scionti claims that their products may be some of the “healthiest” in the alt protein space. Most of the time these products are highly processed foods, but Novameat products do not contain soy, gluten, methylcellulose or added sugars.
Growing demand for vegetable proteins
The Series A funding comes as the global alternative protein market is experiencing rapid growth, with the world’s largest food companies leaning into alternative proteins. Analysts predict that the alternative protein market could area $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, using a variety of production methodologies that are cyclically becoming more attractive. Fermentation for plant protein production has gained ground in recent years.
“While securing investment may be more challenging in today’s environment, we see investors remain committed to scalable solutions that have strong technology support and consumer acceptance and that can ensure robust financials,” commented Scionti.
Novameat’s technology is one of the main reasons investors keep coming back. Dan Altschuler, managing partner of Unovis Asset Management said Novameat’s “ability to reproduce complex textures and flavors puts it at the forefront of the industry” and that the company is “proud to continue to support them”.
The $19.2 million in funds will be used by the company to boost Novameat’s commercial operations first in Europe, to look at North America and Asia Pacific later.
