Heura's €40 million Series B funding cements its role as a cutting-edge force in food-tech evolution

Spain's Heura Foods has successfully closed its Series B, securing €40 million in what is the largest plant-based funding round of 2023.

Heura continues to lead the alternative protein sector growth in Spain while rapidly consolidating its footprint across key markets like the UK, France and Italy. This funding injection will drive the company to profitability and fortify its position as an industry frontrunner, confirming Heura’s proprietary technology as a unique competitive advantage.

“This achievement uplifts Heura's vision of being at the forefront of Europe's protein transition,” stated Marc Coloma CEO & Co-founder of Heura Foods. He points out that “to change the food system we need to move the pressure from consumers to the food industry, placing health and sustainability as non-negotiable”. He added, “this new chapter will drive us to profitability while allowing us to develop breakthrough technology to tackle the key challenges within the industry in an scalable way”

In April 2023, the company filed its first patent showcasing unprecedented nutritional properties free of additives. This breakthrough innovation can be applied across multiple plant-based food categories, such as deli meats, but also whole cuts (meats and fish) and dairy products. Remarkably, within a mere five months of filing, this method has been applied in production of the first additive-free 'york-style' slices which in just three months is the top rotating cold-cut alternative in Spain.

This funding round brought together Upfield, a global leader in plant-based foods, and top venture capital, including Unovis Asset Management, a prominent food-tech fund, the European Circular Bioeconomy Fund (ECBF VC), and Newtree Impact. This strategic coalition builds one of the biggest plant-based alliances, forming a board that will focus on top-notch tech to set new industry standards and allowing Heura to boost its impact in the food industry, accelerating international expansion, and exploring new collaboration models beyond its own branded meat alternatives.

“We're excited to be leading Heura's latest investment round and partnering with a pioneering food-tech focused on making waves with clean-label technologies that deliver both on nutrition and taste," added David Haines, Group CEO of Upfield said. "Through our investment and strategic partnership, we'll jointly advance research and development, to fast-track innovation in the plant-based cheese category. We look forward to supporting Heura's team in accelerating the plant-based transition, aligned on a joint mission to transform the global food system to one that offers consumers more affordable and delicious plant-based options, shaping the future of food.”

With this Series B, Heura aims to achieve profitability, further drive innovation, and expand its portfolio of tech patents solving the biggest consumer barriers in a scalable and global scale. The company remains steadfast in its goal of launching what they call 'successor' products with the highest repeat rates in the category, while expanding its business through tech licensing and thereby enticing a broader audience to accelerate the food system transformation.