Novameat Raises $19.4 Million in Oversubscribed Series A Round

BARCELONA, Spain — Novameat, a sustainable food technology company creating plant-based products with a unique fibrous texture, announced that it has raised $19.4 million in an oversubscribed Series A round. 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.

Since its inception, Novameat has introduced products across Europe, industrially scaled its proprietary MicroForce technology, which creates the signature texture in its products, and modified its production facility to meet BRCGS requirements. The company's B2B approach, technological scalability and products known for their distinctive texture have attracted the attention of large foodservice customers and industry players.

"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.”

This financing round will be used to enhance commercial activities in new regions and support the expansion of the product portfolio, including the launch of the new Shredded Nova-b*ef. The capital will also be used to further scale production capabilities and accelerate research and development efforts.

"Novameat has the potential to revolutionize 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."

Alex Hoffmann, general partner for Forbion’s BioEconomy Fund, added, "Novameat’s proprietary technology is truly groundbreaking. We see significant potential not only in their current products but also in the pipeline of innovations they are developing. We are excited to work with Novameat as they continue to push the boundaries in plant-based foods and contribute to solving critical global sustainability issues."

"We’ve seen remarkable strides by Novameat’s team since our initial investment," said Dan Altschuler, managing partner at Unovis Asset Management, on behalf of the existing investors. "Their continual innovation in creating premium, plant-based meat products is unmatched. We’re delighted to enter this new phase of growth alongside the new investors and are proud to continue our support with those who share our enthusiasm for improving food systems."