Novameat raises €17.4m to boost global market reach

Novameat creates plant-based products with a fibrous texture that are used in the foodservice industry across Europe. The company combines advanced food science with culinary expertise to develop its proprietary texture-building technology, scaling the principles of 3D printing at an industrial level.

Its products include Nova-Ch*cken mini-fillets and Pulled Nova-ch*cken, Deli Nova-t*urkey, and the soon-to-launch Shredded Nova-b*ef.

“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”, says Giuseppe Scionti, CEO and founder of Novameat.

“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.”

The financing round will be used to help Novameat expand into new regions and support the expansion of its product portfolio, including the launch of the new Shredded Nova-b*ef on 16 September.

The capital will also be used to further scale production capabilities and accelerate research and development at the company.

The investment was led by Sofinnova Partners and Forbion via its BioEconomy Fund and follows a reinvestment from Unovis Asset Management, Praesidium and Rubio Impact Ventures.

“Novameat has the potential to revolutionise the food industry by providing sustainable and tasty alternatives to animal-based proteins,” says Joško Bobanović, partner at Sofinnova Partners.

“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.”