Copenhagen-based MATR, a foodtech startup, announced on Thursday that it has signed a €20M loan agreement with the European Investment Bank (EIB) to expand production of plant-based meat alternatives.
“Our products have been received overwhelmingly well by chefs, restaurants, and consumers, clearly confirming the appetite for cleaner, healthier, and more juicy alternatives to meat,” says Randi Wahlsten, chief executive officer and co-founder of MATR.
”We are thrilled that the EIB, with its strong support, enables us to take the production to scale as fast as possible,” adds Wahlsten.
The funding will enable the Danish company to build a first-of-its-kind plant for the production of clean-label plant-based meat alternatives.
It aims to produce over 3,000 tonnes a year of its signature product.
The company will also use the funds to invest in product research and development.
MATR Foods: Plant-based products are aligned with EU goals
Led by Randi Wahlsten, MATR Foods combines microbiology and gastronomy to create new solutions to some of the world’s biggest challenges — the climate, biodiversity, and health crises.
The company applies a solid-state fermentation technology that uses widely available local crops such as beetroots, potatoes, lupins, and peas for the production of fungi foods – a new generation of natural alternatives to meat that are based on fungi fermentation.
MATR’s products are made from a shortlist of all-natural ingredients commonly found in the Nordic region and are low in fat compared with previous-generation meat alternatives.
Minimal processing means that MATR products have a carbon footprint of around 1.6 kilogrammes of CO2 per kg of product, which is about 94 per cent lower than that of beef.
As a result, the planned production facility will enable a direct climate impact reduction of European meals of more than 100,000 tonnes of CO2 per year.
MATR Foods fungi products are currently available at restaurants, canteens, and retailers
across Denmark. Current investors include Novo Holdings and the BioInnovation Institute.
The investor
The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States.
It finances investments that contribute to EU policy objectives.
EIB projects strengthen competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, contribute to peace and security, and support a just and swift transition to climate neutrality.
“Plant-based meat alternatives not only have high growth potential but also bring environmental and health benefits,” says EIB Vice-President Ioannis Tsakiris. “When it comes to financing the green transition, innovation is a key part along with agriculture. MATR brings these two priority areas together and we are happy to support its endeavour.”
