Danish food-tech company Matr Foods has raised €40 million in funding to accelerate the scale-up of its organic, fermented plant-based meat alternatives, marking the largest food-tech financing round in Denmark to date.

The raise comprises €20 million in Series A equity and €20 million in venture debt, co-led by existing investor Novo Holdings and new investor the Export and Investment Fund of Denmark (EIFO), alongside debt financing from the European Investment Bank (EIB).

The capital will be used to expand production capacity at Matr’s facility in Ansager, Jutland, where the company plans to scale its proprietary fermentation-based production from pilot capacity to 4,000 tonnes annually. The expansion will enable the start-up to meet growing consumer and foodservice demand for clean-label, sustainable protein solutions.

Founded in Copenhagen in 2021, Matr Foods leverages traditional fungal fermentation to transform locally sourced crops – including oats, split peas, lupins, beetroots and potatoes – into meat alternatives with a naturally juicy texture and rich umami flavour. The process avoids additives and heavy processing, aligning with rising demand for minimally processed, natural plant-based products.

The company’s flagship product, Matr Fungi Mince, is made entirely from Scandinavian-grown ingredients. It is high in protein and fibre, low in fat, and offers an amino acid profile comparable to conventional meat. Matr reports that its product has a carbon footprint of 1.5kg CO₂e per kg, approximately 94% lower than beef.

The new production line, expected to be operational by early 2027, will create 60 new jobs and support Matr’s growing footprint across Germany, Switzerland and Denmark.

Randi Wahlsten, CEO of Matr Foods, said:

“We are thrilled to be scaling up and finally able to meet the demand of the many customers and chefs who have shown unwavering support for our products. It’s inspiring to see such enthusiasm for organic, clean-label plant products that also deliver gastronomic excitement.”

The investment positions Matr Foods among a new wave of European fermentation-driven protein innovators, as demand for sustainable and regenerative food systems continues to reshape the alternative protein landscape.