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Sustainable Food Startup Novameat Raises $19 Million to Scale Plant-Based Meat Production – ESG Today
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Sustainable Food Startup Novameat Raises $19 Million to Scale Plant-Based Meat Production
ESG Today Writing Staff
September 12, 2024
Novameat, a Barcelona-based sustainable food technology company that develops alternative meat products, announced Thursday that it raised €17.4 million (USD$19.2 million) in an oversubscribed Round A funding round. The funding will be used to scale up production of its current plant-based alternative meat products, as well as launching its new Shredded Nova-b*ef product, set to launch in mid-September.
Agriculture has emerged as a major focus area for sustainability and climate action, as the sector accounts for a significant proportion of global greenhouse gas (GHG) emissions, and among the most difficult areas to address climate impact. According to the UN’s Food and Agriculture Organization, while meat, milk and eggs provide 34% of the protein consumed globally, total emissions from global livestock represent 14.5% of all anthropogenic GHG emissions. The livestock sector faces several other environmental challenges, ranging from deforestation to land and water use, in addition other sustainability issues such as ethical treatment of animals.
Novameat’s unique approach to development of alternative meat products utilizes 3D printing technology, with a blend of ingredients based on pea protein. The products, based on the company’s proprietary MicroForce technology, yields a product that, according to the company, has a texture similar to fibrous animal meat. The product is produced in a whole cut format of strips, steaks, pulled meat or chunks.
“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”, said 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 prioritize 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 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,” said 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.”
ESG Today Writing Staff
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