MATR Foods raises €40 million to scale fermentation-based meat alternatives and expand into Europe

MATR Foods, the Copenhagen-based food-tech company pioneering fermented plant-based meat alternatives, has completed a €40 million (US$43 million) fundraise to accelerate production and international growth. The financing round, comprising €20 million (US$21.6 million) in Series A equity and €20 million (US$21.6 million) in venture debt, marks the largest secured by a food-tech company in Denmark to date.

The round was co-led by existing investor Novo Holdings and new investor the Export and Investment Fund of Denmark (EIFO), with debt financing from the European Investment Bank (EIB). The funding will be used to scale MATR’s fermentation-based production process at its site in Ansager, Jutland, boosting output from pilot scale to 4,000 tons per year. The expansion will support growing demand for MATR’s clean-label, fungi-fermented products, known for their juicy texture and deep umami flavor.

Construction of the new production line is expected to be completed by early 2027, creating around 60 new jobs in the region and serving customers in Denmark, Germany, and Switzerland.

“We are very excited to take our production to scale and internationalize the business,” commented Randi Wahlsten, CEO of MATR Foods, who was interviewed in the Q3 2025 edition of Protein Production Technology International. “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.”

MATR’s product line, including its flagship MATR Fungi Mince, is produced using traditional fungal fermentation techniques to transform locally sourced organic ingredients such as oats, split peas, lupins, beetroots, and potatoes into high-protein, high-fiber foods with meat-like flavor and texture. The products are free from additives and heavily processed ingredients, appealing to consumers seeking minimally processed, natural alternatives.

The company’s approach combines sustainability with culinary quality. MATR Fungi Mince, for instance, has a carbon footprint of just 1.5kg CO₂e per kilogram – 94% lower than that of beef – while delivering a complete amino acid profile similar to animal meat.

Thomas Grotkjær, Partner at Planetary Health Investments, Novo Holdings, said the investment underscored confidence in MATR’s model and its alignment with consumer and environmental trends. “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.”

EIFO’s participation signals continued Danish momentum in sustainable food innovation. “EIFO‘s investment in MATR Foods exemplifies our commitment to supporting Danish food innovation and the green transition around the globe,” added Lasse Köhler, Investment Manager, EIFO Green Transition Investment Team. “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.”

Founded in 2021, MATR has positioned itself at the forefront of Europe’s shift toward sustainable, natural, and high-quality plant-based foods. Its proprietary fermentation process aims to bridge the gap between taste and sustainability by using whole-food ingredients rather than isolates or concentrates.

With the latest round of funding, MATR plans not only to expand capacity but also to internationalize its commercial footprint, bringing its Scandinavian-grown products to new markets across Europe. By coupling organic sourcing with fermentation technology, the company intends to meet rising demand for environmentally responsible proteins that satisfy both chefs and consumers.

Wahlsten said the next phase of growth would allow MATR to fulfill a growing appetite for better plant-based options. “The support from Novo Holdings, EIFO, and the EIB gives us the strength to take our mission global,” she said. “We’re proud to continue developing products that prove sustainable food can be both natural and truly delicious.”

At a time when clean-label and fermentation-based proteins are gaining traction, MATR’s expansion could help Denmark cement its reputation as a hub for sustainable food innovation. The company’s focus on organic ingredients, minimal processing, and exceptional flavor has already earned it recognition among chefs and consumers – and now, significant backing from some of Europe’s most influential investors.