Novameat raises €17.4M oversubscribed Series A round led by Sofinnova Partners and Forbion

Funds will be used to further scale production through its MicroForce technology, launch an expanded product range and boost global market reach and commercial activities.

Barcelona, 12th September 2024 – Novameat, a sustainable food technology company creating pioneering plant-based products with a unique fibrous texture and strong customer acceptance, announced today that it has raised €17.4 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 successfully introduced innovative products across Europe, industrially scaled its proprietary MicroForce technology, which creates the signature texture in its products, and modified its production facility to meet stringent BRCGS requirements. The company's unique B2B approach, technological scalability and delicious products known for their distinctive texture have attracted the attention of large foodservice customers and industry players, positioning Novameat as a leader in the plant-based proteins market, meeting the growing demand for healthier and more exciting options.

"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 prioritise 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 on the 16th of September. The capital will also be used to further scale production capabilities and accelerate research and development efforts, enabling the company to continue leading in the field of sustainable, high protein products.

"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."

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, plantbased 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."

With the successful completion of this funding round, Novameat strengthens its commitment to deliver exceptional value to its customers and stakeholders.

About Novameat

Novameat leads the way in creating sustainable plant-based meats with a unique fibrous texture. Our dedicated team of innovators combines advanced food science with culinary expertise to develop our proprietary texture-building technology, scaling the principles of 3D printing at industrial level. By prioritising nourishing, high-quality ingredients and avoiding common allergens and complex additives, Novameat provides an inclusive protein source. Learn more at www.novameat.com.

About Sofinnova Partners

Sofinnova Partners is a leading European venture capital firm specializing in healthcare and sustainability. Based in Paris, London, and Milan, the firm brings together a diverse team of professionals with strong scientific, medical, and business expertise. Sofinnova Partners is a hands-on company builder across the entire value chain of life sciences investments, from seed to later-stage. Founded in 1972, the firm has 50 years of experience backing over 500 companies and creating market leaders globally. Sofinnova Partners currently manages over €2.8 billion. For more information, please visit: www.sofinnovapartners.com

About Forbion

Forbion is a leading global venture capital firm with deep expertise in Europe and offices in The Netherlands, Germany and the USA. Forbion invests in innovative biotech companies, managing €3.2 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Learn more at www.forbion.com

About Praesidium

Praesidium is a Luxembourg-based investment company specialized in Private Equity and Venture Capital. With a portfolio of 16 funds, Praesidium focuses on five strategic verticals: Agri-food Tech, Software & Technology, Healthcare & Life Sciences, Deep Value & Special Situations, and the US Mid-Market. Learn more at www.praesidium.eu.

About Unovis Asset Management

Unovis Asset Management is a pioneering investment firm committed to driving transformative change across global food systems. Established in 2015, Unovis is a leading investor in the alternative proteins sector, with a strong understanding of solutions that foster sustained behavioral change. Recognizing the urgency of shaping impactful outcomes, Unovis empowers founders with in-depth food industry knowledge, an understanding of consumer demands, food manufacturing experience, and a vast network of industry professionals to build enduring companies. Learn more at www.unovis.vc.

About Rubio Impact Ventures

Rubio Impact Ventures is a leading impact venture fund based in the Netherlands with € 150 million AUM. Rubio invests in world-changing entrepreneurs who unite powerful positive impact with a scalable commercial business; the futureproof approach to successful business. Rubio offers its investments a winning blend of capital, expertise and network access to help them accelerate to the next level. Learn more at www.rubio.vc.

NOVAMEAT Contact:

Berta Maeso

Marketing Manager

media@novameat.com