EIFO invests in MATR Foods to scale-up production

EIFO and Novo Holdings are jointly investing 20 million euros in the plant-based food company MATR Foods. With a matching loan from the European Investment Bank (EIB), MATR Foods will expand production and introduce their products to the German and Swiss markets.

MATR Foods, a Danish company specialized in next generation fermented plant-based meat alternatives, today announced the successful completion of its €40m fundraise, including €20m in Series A equity and €20m in venture debt – the largest secured by a food tech company in Denmark. The fundraising was co-led by existing investor Novo Holdings and incoming investor the Export and Investment Fund of Denmark (EIFO), alongside debt from the European Investment Bank (EIB).

The proceeds of the fundraise will be used to scale the first-of-its-kind, unique and effective fermentation process at MATR Foods Ansager site (Jutland, Denmark) to produce its award-winning, clean label, fungi-fermented products. The investment will enable a significant scale-up in production, from pilot scale to 4,000 tonnes per year, to meet the demand of the juicy texture and deep umami notes that MATR customers favour. With the financing in place, the new production line is expected to be operational by early 2027, resulting in approximately 60 new jobs locally, and accommodating customers in Germany, Switzerland, and Denmark.

MATR will be able to meet the demand from customers

“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. 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,” said Randi Wahlsten, CEO and co-founder.

“As the largest food tech fundraising round in Denmark this year, 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 — without compromising on taste,” said Thomas Grotkjær, Partner, Planetary Health Investments, Novo Holdings.

Low carbon footprins and high culinary value

“EIFO‘s investment in MATR Foods exemplifies our commitment to supporting Danish food innovation and the green transition around the globe. MATR Foods‘ technology enables the production of plant-based meat alternatives with a remarkably low carbon footprint, offering high culinary quality at a competitive price. This investment strengthens Denmark‘s position in the development of sustainable foods with significant export potential,” said Lasse Köhler, Investment Manager, EIFO Green Transition Investment Team.

Fungal fermentation gives texture and meaty flavor

Established in Copenhagen in 2021, MATR specialises in developing innovative, organic, plant-based meat alternatives using traditional fungal fermentation techniques. Locally sourced organic ingredients like oats, split peas, lupins, beetroots, and potatoes are transformed into products with a juicy texture and meaty flavour, offering a nutritious and sustainable alternative without the need for additives or heavy processing.

The company’s flagship product, MATR Fungi Mince, is made entirely from natural ingredients grown in Scandinavia. Rich in protein and fibre and low in fat, the product has an amino acid profile like meat, but with a carbon footprint of just 1.5 kg CO2_e per kg, which is 94% lower than that of beef.