Heura Foods, a Barcelona-based startup that creates plant-based meat from the Mediterranean, has secured €20 million in funding from NBA star Ricky Rubio, football players Sergio Busquets and Sergi Roberto, comedian David Broncano, and Unovis Asset Management.
The company will use the funds to position itself as the European plant-based leader by 2027. Further, the company plans to expand its operations in markets like France, Italy, the UK, and new European regions, including Austria, Germany, Switzerland, the Netherlands, and more.
The capital will also be used for launching new tech and innovations in new segments, filing its first patents in November 2022, focusing on delivering new foods in 2023 that are nature-positive, nutrient-dense, and achieve culinary excellence, says the company.
The announcement comes five months after raising €4M in just 12 hours through its Equity for Good Rebels campaign.
Plant-based meat on the rise
Plant-based meat startups are becoming more popular as people look for healthier and more sustainable meat alternatives. These companies are developing new plant-based meat products that aim to taste and feel like real meat, without the environmental impact.
Founded by food activists Marc Coloma and Bernat Añaños in April 2017, Heura Foods is on a mission to create solutions that will leave the current food system obsolete and accelerate the transition to a world where animals are out of the equation.
At present, the company’s plant-based meat list includes chicken strips and chunks, and beef burgers and vegan pork.
Heura is already making waves in the Spanish market, with 80% of plant-based category growth credited to the company sales.
The company is slated to end the year with a whopping 30% market share as it expands its vision across Europe.
The plant-based market is expected to hit over €160 billion by 2030, with reports estimating that about 60% of protein won’t come from animals by 2040 – giving Heura incredible power to define this new generation of culinary habits.
In H1, the company claims to have saved approximately 55.9 million litres of water and 3.6 million kg of CO2, sparing 509,000 chickens, pigs, and cows’ lives compared to traditional proteins.
Also, the company says it is doubling its H1 2022 turnover. Mid-year, it had reached €14.7 million in turnover, up from €7.6 million last year.
Speaking on the funding, Marc Coloma says, “Having mission-driven investors on board who dare to take bold action to accelerate the plant-based protein transition gives us the resources to continue driving category growth across Europe. We have a clear vision, and this new funding will help us transition from a successful Spanish plant-based company to a net-positive food-tech startup leading the protein transition across Europe. This growth path is designed to bring us into 2023 in a position to close the largest Series B rounds in the industry, and usher in a future that’s better for the people, planet, and animals.”