MATR Foods Raises €40 Million to Scale Fermented Plant-Based Meat Production and Expand in Europe

Danish food-tech startup MATR Foods has secured €40 million in funding to scale production of its fermented, plant-based meat alternatives and expand sales beyond its home market. The financing, which combines equity and debt, represents one of the largest funding rounds raised by a Danish alternative protein company and highlights continued investor interest in fermentation-based food technologies.

The funding package consists of €20 million in Series A equity and €20 million in venture debt. The round was co-led by existing investor Novo Holdings and new lead investor Export and Investment Fund of Denmark (EIFO). The debt component was provided by the European Investment Bank (EIB), supporting MATR Foods’ transition from pilot-scale production to industrial manufacturing.

Founded in Copenhagen in 2021, MATR Foods develops organic plant-based meat alternatives using traditional fungal fermentation. The company transforms locally sourced ingredients such as oats, peas, lupins, beetroots and potatoes into high-protein products with a fibrous, meat-like texture. Its flagship product, MATR Fungi Mince, is positioned as a clean-label alternative to minced meat, targeting consumers and food service providers seeking sustainable protein options without extensive processing or artificial additives.

The newly raised capital will be used primarily to scale MATR Foods’ first large-scale production facility in Ansager, Jutland. The company plans to ramp up annual production capacity to approximately 4,000 tonnes by early 2027, enabling it to meet increasing demand and serve customers across multiple European markets. The expansion is also expected to create around 60 new jobs in the local area, strengthening the company’s industrial presence in Denmark.

MATR Foods has stated that the funding will support not only manufacturing scale-up but also international expansion. While the company has already established a presence in Denmark, it plans to increase commercial activity in key European markets, including Germany and Switzerland, where interest in plant-based and fermented foods continues to grow. The company aims to supply both retail and food-service customers as production volumes increase.

For Novo Holdings, the continued investment reflects confidence in MATR Foods’ fermentation technology and its potential contribution to more sustainable food systems. Novo Holdings invests globally in life sciences and food innovation, with a focus on solutions that support human and planetary health. Its backing underscores the strategic importance of alternative proteins in addressing environmental challenges linked to conventional meat production.

EIFO’s participation adds a public investment dimension to the round, aligning with Denmark’s broader ambitions to support green transition technologies and strengthen export-oriented food innovation. EIFO has highlighted the role of companies like MATR Foods in promoting sustainable manufacturing and increasing the global competitiveness of Danish food technology.

The venture debt provided by the European Investment Bank builds on earlier financial support for the company and is designed to accelerate capital-intensive investments such as factory construction, equipment and process optimization. The EIB’s involvement reflects its mandate to support innovative companies that contribute to sustainability and economic development in Europe.

MATR Foods emphasizes that its fermentation process results in products with a significantly lower carbon footprint than conventional meat, while maintaining strong nutritional value and taste. By relying on fungi fermentation rather than highly refined plant proteins, the company positions itself as an alternative to both traditional meat and heavily processed meat substitutes.

Despite a more cautious investment climate for alternative protein startups globally, MATR Foods’ ability to raise a sizable round combining equity and debt suggests investor confidence in its technology, business model and path to profitability. The company’s focus on scalable fermentation and local raw materials has helped differentiate it in a competitive market.

With fresh capital in place, MATR Foods is preparing to move into its next phase of growth, shifting from limited production toward industrial scale. The €40 million funding round positions the company to play a larger role in Europe’s evolving plant-based food sector and to bring its fermented meat alternatives to a wider international audience.