MATR Foods, a Danish producer of fermented plant-based meat alternatives, has completed a €40 million fundraise. It is claimed to be the largest food tech round to take place in Denmark this year, comprising €20 million in Series A equity and another €20 million in venture debt.
The fundraising was co-led by existing investor Novo Holdings and new investor the Export and Investment Fund of Denmark (EIFO), with debt from the European Investment Bank (EIB). The capital will be used to scale MATR’s unique fermentation process from pilot scale to 4,000 tonnes per year.
A new production line is expected to be operational at MATR Foods’ Ansager site in Jutland, Denmark by early 2027, creating approximately 60 new jobs locally. It will accommodate customers in Germany, Switzerland, and Denmark.
“Truly humbling”
MATR develops organic plant-based meat alternatives using traditional fungal fermentation techniques and locally sourced ingredients such as oats, split peas, lupins, beetroots, and potatoes.
The company’s flagship product, MATR Fungi Mince, is made entirely from natural ingredients grown in Scandinavia. It is described as rich in protein and fibre and low in fat, with an amino acid profile like meat but a carbon footprint of just 1.5 kg CO2e per kg. This is claimed to be 94% lower than that of beef.
“We are very excited to take our production to scale and internationalise
the business,” said Randi Wahlsten, CEO of MATR. “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.”
