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Plant-based food tech company Novameat is set to launch a new shredded “beef” product just as it has secured €17.4 million (USD $19.2 million) in funding.
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The investment is Barcelona-based Novameat’s first major venture capital financing, known as Series A funding. The company will use it to expand its business, including scaling up production capacity and research and development. The Shredded Nova-b*ef will launch on September 16.
“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,” Giuseppe Scionti, Novameat’s CEO and founder, said in a statement. “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 Nova-b*ef boasts 19.9 percent protein from pea and fava protein, as well as 5.1 percent fiber. Novameat describes it as “reminiscent of a braised short rib stripped and shredded from the bone.”
“Groundbreaking”
Novameats uses “biomimetic 3D design” and micro-extrusion technology to produce meat-like textures and flavors from plants. It uses minimal ingredients to make healthy, high-protein plant-based shredded and whole cut meat alternatives. These include chicken mini-fillets and deli turkey. It supplies food producers, catering companies, and restaurants in Europe rather than selling direct to consumers.
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Alex Hoffmann, General Partner for Forbion’s BioEconomy Fund, one of Novameat’s investors, described the company’s tech as “truly groundbreaking.” He said: “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.”
Read more: New Cultivated Spirulina Has Comparable B12 To Beef
