Danish food-tech startup MATR Foods has secured €40M ($47M) to scale its operations. The funding includes €20M in equity from Novo Holdings and the Export and Investment Fund of Denmark (EIFO), alongside a previously announced €20M debt facility from the European Investment Bank (EIB).
The funds will be used to expand production at MATR Foods’ Ansager site in Jutland, Denmark, increasing output from pilot scale to 4,000 tonnes per year. The new production line is expected to start operating by early 2027, generating around 60 local jobs and supplying customers in Germany, Switzerland, and Denmark.
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.
MATR Foods was founded in 2021 by Morten Sommer, a microbiology professor at the Technical University of Denmark, Rasmus Toft-Kehler, a biotech entrepreneur, Claus Meyer, the chef and co-founder of Noma, a three-Michelin-star restaurant in Copenhagen, and Randi Wahlsten, a former Arla Foods executive who currently serves as the company’s CEO.
Fungi-Based Fermentation Process
The company specialises in developing, organic, plant-based meat alternatives using solid-state fungal fermentation process, which transforms organic Nordic crops into meat-like foods. The company uses locally sourced organic ingredients, oats, split peas, lupins, beetroots, and potatoes to create alternative meats. The items aim to provide a nutritious, sustainable alternative, without relying on additives or heavy processing.
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MATR currently operates a pilot plant producing 30 tonnes per year. The production process involves adding fungi spores to ingredients such as peas, lupins, beets, potatoes, and oats, which increases protein content and binds the ingredients together.
According to MATR, its flagship product, MATR Fungi Mince, is made entirely from natural ingredients grown in Scandinavia. The product is rich in protein and fibre and low in fat, and 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.
MATR Scaling Sustainable Plant-Based Development
According to MATR Foods, the plant-based sector has largely focused on either beetroot or falafel-based products, or protein isolates from soy and peas. The company aims to take a different approach by using fungal fermentation to reduce food waste, limit processing, enhance nutritional quality, and develop flavour and texture naturally.
The company’s approach is focused on creating plant-based products that appeal to consumers seeking alternatives to meat without requiring a complete dietary shift. The firm seeks to expand the reach of plant-based eating while partnering with local farmers and mitigating the environmental impact of food production.
The company’s goal is to encourage gradual changes in diet and lifestyle, offering plant-based products designed to appeal to a broad range of consumers and contribute to a more sustainable food system.
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.
MATR frames its approach around encouraging dietary changes through plant-based options, with the broader aim of fostering a more sustainable and responsible food system.
Lasse Köhler, Investment Manager at EIFO Green Transition Investment Teams, said that EIFO’s investment in MATR Foods reflects the fund’s commitment to support Danish food innovation and the global green transition. He noted that MATR Foods’ technology allows for the production of plant-based meat alternatives with a notably low carbon footprint, delivering high culinary quality at a competitive price. According to Köhler, the investment bolsters Denmark’s position in the development of sustainable foods with considerable export potential.