Novo Holdings invests in MATR Foods' expansion within plant-based fungi food

Novo Holdings has announced an initial investment in Danish food-tech startup MATR Foods to support the scaling-up of its production of sustainable meat alternatives.

Established in Copenhagen in 2021, MATR specializes in developing organic innovative plant-based meat alternatives using traditional fungal fermentation techniques. Locally sourced organic ingredients like oats, split peas, lupins, beetroots, and potatoes are transformed into patties and mince with a juicy texture and meaty flavor, offering a nutritious and sustainable alternative without the need for additives or heavy processing.

The company's flagship product, MATR Fungi Mince, is made entirely from natural ingredients grown in Scandinavia. Rich in protein and fiber and low in fat, the product has an amino acid profile like meat, but with a carbon footprint of just 1.4kg CO2 e per kg, which is 94% lower than that of beef.

Currently MATR's customer base comprises several B2B contracts with restaurant chains in Denmark including Gasoline Grill and Sticks & Sushi and with the online supermarket Nemlig.com. The new financing will enable MATR to scale up its production capacity in order to meet a growing demand from both existing and new customers.

"We have been extremely well received by chefs and consumers alike to the point where we are experiencing a much higher demand than we can currently supply," said Randi Wahlsten, CEO of MATR. "We are therefore very excited to have Novo Holdings joining us now to really accelerate the journey by scaling up our production and expanding our customer base. We share a clear vision of creating a truly impactful international food business based on our sustainable, clean fungi food technology."

"MATR has managed to develop a product that tastes great, is highly nutritious and has a strong sustainability profile," added Thomas Grotkjær, Partner, Planetary Health Investments, Novo Holdings. "I am very pleased with the opportunity to contribute to the scaling-up of MATR Foods and thereby offering end-consumers a new product that combines the savoury experience we know from meat with the health and sustainability benefits of a plant-based diet. Further, I am excited about the collaboration with Randi and the MATR team whose attributes encompass a very strong drive anchored in gastronomy, science and entrepreneurship."