Copenhagen-based food tech startup MATR Foods has raised €40 million in a mix of equity and venture debt to scale up production and bring its organic, fungi-fermented meat alternatives to new markets. The round—Denmark’s largest food tech fundraise to date—was co-led by Novo Holdings and the Export and Investment Fund of Denmark (EIFO), with additional venture debt from the European Investment Bank (EIB). Founded in 2021, MATR has developed a proprietary fermentation process that transforms locally sourced organic ingredients like oats, peas, and lupins into clean-label meat substitutes with rich umami flavors and meaty textures—without additives or heavy processing. The new capital will fund the construction of a 4,000-tonne production plant in Ansager, Denmark, expected to be operational by 2027, creating around 60 new jobs and enabling expansion into Germany, Switzerland, and Denmark.
Established in Copenhagen in 2021, MATR specialises in developing innovative, organic, plant-based meat alternatives using traditional fungal fermentation techniques. Locally sourced organic ingredients like oats, split peas, lupins, beetroots, and potatoes are transformed into products with a juicy texture and meaty flavour, offering a nutritious and sustainable alternative without the need for additives or heavy processing.
The company’s flagship product, MATR Fungi Mince, is made entirely from natural ingredients grown in Scandinavia. Rich in protein and fibre and low in fat, the product has an amino acid profile like meat, but with a carbon footprint of just 1.5 kg CO2e per kg, which is 94% lower than that of beef.
The proceeds of the fundraise will be used to scale the first-of-its-kind, unique and effective fermentation process at MATR Foods Ansager site (Jutland, Denmark) to produce its award-winning, clean label, fungi-fermented products. The investment will enable a significant scale-up in production, from pilot scale to 4,000 tonnes per year, to meet the demand of the juicy texture and deep umami notes that MATR customers favour. With the financing in place, the new production line is expected to be operational by early 2027, resulting in approximately 60 new jobs locally, and accommodating customers in Germany, Switzerland, and Denmark.
Randi Wahlsten, CEO, MATR, said “We are very excited to take our production to scale and internationalise the business. We are looking forward to finally being able to meet the demand of the many customers and chefs who have been unwavering in their support and enthusiasm for MATR products. It is truly humbling to be met with such support and feel the great craving for organic, clean label plant products that offer gastronomic excitement.”
Thomas Grotkjær, Partner, Planetary Health Investments, Novo Holdings, added: “As the largest food tech fundraising round in Denmark this year, this funding reflects not only our confidence in MATR’s organic, fermented products, but also recognition that MATR meets consumers’ growing desire for foods that have a positive impact on health, climate, and the environment — all key focus areas for Novo Holdings — without compromising on taste.”
Lasse Köhler, Investment Manager, EIFO Green Transition Investment Team, said: “EIFO’s investment in MATR Foods exemplifies our commitment to supporting Danish food innovation and the green transition around the globe. MATR Foods’ technology enables the production of plant-based meat alternatives with a remarkably low carbon footprint, offering high culinary quality at a competitive price. This investment strengthens Denmark’s position in the development of sustainable foods with significant export potential.”
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Read the orginal article: https://arcticstartup.com/matr-foods-raises-e40m/
