Novameat, a sustainable food technology company creating pioneering plant-based products with what the company describes as “a unique fibrous texture and strong customer acceptance”, has raised €17.4 million (US$19.2 million) in an oversubscribed Series A round.

The investment was led by Sofinnova Partners and Forbion via its BioEconomy Fund and follows a reinvestment from Unovis Asset Management, Praesidium and Rubio Impact Ventures.

This financing round will be used to enhance commercial activities in new regions and support the expansion of the product portfolio.

The capital will also be used to further scale production capabilities and accelerate research and development efforts, enabling the company to continue leading in the field of sustainable, high-protein products.

“This funding marks a significant milestone in our journey, and we are more committed than ever to empower people to prioritize their well-being and our planet,” says Giuseppe Scionti, the food tech firm’s CEO and founder.

Joško Bobanović, Sofinnova partner, adds: “With their great tasting products, unique technology platform, strong customer approval, in-house production capacity and competitive cost structure, Novameat is well-positioned to seize the enormous market opportunity and drive further innovation in the sector.”