Heura Foods, a Spanish plant-based meat company, has raised €40 million in a Series B funding round, which it claims is the largest plant-based funding round of 2023. Heura Foods, which was founded in 2017, said that the funding will help it achieve profitability and net-positive impact, as well as to develop breakthrough technology and products for the protein transition. The funding round was led by Upfield, a global plant-based food company, and joined by other investors, such as Unovis Asset Management, the European Circular Bioeconomy Fund, and Newtree Impact.
Heura Foods: A Leader in Plant-Based Meat with a Mission to Change the Food System
Heura Foods, which is based in Barcelona, is a leader in plant-based meat, with a mission to change the food system for the better. Heura Foods produces and sells plant-based meat products, such as burgers, nuggets, sausages, and chicken, which are made from natural and organic ingredients, such as soy, olive oil, and spices. Heura Foods claims that its products are healthier, tastier, and more sustainable than animal meat, as they have less fat, more protein, and no cholesterol, antibiotics, or hormones.
Heura Foods also aims to have a positive impact on the environment, the animals, and the society, by reducing greenhouse gas emissions, water consumption, land use, and animal suffering. Heura Foods has partnered with various organizations, such as the Animal Equality, the ProVeg International, and the Food for Climate League, to support their causes and initiatives. Heura Foods also educates and empowers consumers, through campaigns, events, and social media, to make more conscious and responsible food choices.
Heura Foods has grown rapidly since its launch, reaching a turnover of €31.4 million in 2022, up from €17.7 million in 2021 and €2.5 million in 2020. Heura Foods has also expanded its presence to more than 20 countries, including the UK, France, Italy, Singapore, and Chile. Heura Foods has also launched new products, such as York-style ham slices, which are made with its patented technology that allows it to create plant-based meat and dairy alternatives with no additives.
The Funding Round: A Strategic Alliance to Accelerate the Protein Transition
The funding round of €40 million, which is the largest plant-based funding round of 2023, will enable Heura Foods to accelerate its growth and innovation, as well as to achieve profitability and net-positive impact. Heura Foods said that the funding will allow it to develop breakthrough technology and products, to tackle the key challenges within the industry, such as scalability, functionality, and affordability. Heura Foods also said that the funding will allow it to expand its international footprint, to reach new markets and customers, and to increase its production capacity and efficiency.
The funding round was led by Upfield, a global plant-based food company, which owns brands such as Flora, Becel, and Violife. Upfield, which has a turnover of €3 billion and operates in more than 95 countries, said that it invested in Heura Foods to support its vision and mission, as well as to form a strategic alliance to accelerate the protein transition. Upfield said that it will leverage its resources and expertise, as well as its distribution and retail network, to help Heura Foods grow and scale.
The funding round was also joined by other investors, such as Unovis Asset Management, a venture capital firm that focuses on plant-based and alternative protein companies, the European Circular Bioeconomy Fund, a venture fund that invests in circular bioeconomy innovations, and Newtree Impact, an impact investor that supports sustainable food and agriculture businesses. These investors will form a board with Heura Foods and Upfield, which will aim to increase Heura Foods’ impact on the food industry, with a focus on technology.
The Future: A Net-Positive and Profitable Plant-Based Meat Company
Heura Foods, which has raised a total of €76 million in funding so far, said that it expects to reach profitability by 2024, as well as to become a net-positive company, meaning that it will generate more positive impact than negative impact. Heura Foods said that it will measure its impact using various indicators, such as carbon footprint, water footprint, land use, animal lives saved, and social return on investment. Heura Foods said that it will also share its impact data and methodology with the public, to increase transparency and accountability.
Heura Foods also said that it will continue to launch new products and innovations, to meet the growing and changing demand for plant-based meat. Heura Foods said that it will focus on creating products that are not only alternatives, but also successors, to animal meat, meaning that they will offer superior taste, nutrition, and sustainability. Heura Foods said that it will also explore new categories and segments, such as plant-based fish and seafood, as well as new formats and channels, such as foodservice and e-commerce.
Marc Coloma, the co-founder and CEO of Heura Foods, said: “This achievement uplifts Heura’s vision of being at the forefront of Europe’s protein transition. To change the food system, we need to move the pressure from consumers to the food industry, placing health and sustainability as non-negotiable. This new chapter will drive us to profitability while allowing us to develop breakthrough technology to tackle the key challenges within the industry in a scalable way.”