Novo Holdings has invested in Danish food-tech start-up Matr Foods, supporting the company in scaling up the production of its plant-based meat alternatives.
Matr was established in Copenhagen, Denmark, in 2021. It specialises in developing organic plant-based meat products using traditional fungal fermentation techniques.
The start-up transforms locally sourced organic ingredients like oats, split peas, lupins, beetroots, and potatoes into nutritious meat alternative products such as patties and mince. According to Matr, its process achieves a juicy texture and meaty flavour without the need for additives or heavy processing.
Matr’s flagship product, Matr Fungi Mince, is made entirely from natural ingredients grown in Scandinavia. It is rich in protein and low in fat, offering a similar amino acid profile to meat, but with a carbon footprint of 1.4 kg CO2e per kg – 94% lower than that of beef.
Currently, the company’s customer base comprises several B2B contracts with restaurant chains in Denmark, and with online supermarket Nemlig. The new financing will enable Matr to scale up its production capacity to meet growing demand from new and existing customers.
Randi Wahlsten, CEO of Matr, said: “We have been extremely well received by chefs and consumers alike, to the point where we are experiencing a much higher demand than we can currently supply. We are therefore very excited to have Novo Holdings joining us now to really accelerate the journey by scaling up our production and expanding our customer base.”
Wahlsten added that Novo and Matr share a clear vision of creating “a truly impactful international food business based on our sustainable, clean fungi food technology”.
Thomas Grotkjær, partner for planetary health investments at Novo Holdings, commented: “Matr has managed to develop a product that tastes great, is highly nutritious and has a strong sustainability profile. I am very pleased with the opportunity to contribute to the scaling up of Matr Foods, offering end consumers a new product that combines the savoury experience we know from meat with the health and sustainability benefits of a plant-based diet.”
Top image: © Matr Foods
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