Matr Foods, a plant-based meat start-up in Denmark, has secured a €20m ($22.1m) loan from the EU’s lending arm for its first full-scale production facility.
The European Investment Bank (EIB) has provided the financing with the support of InvestEU, which provides funding as part of the European Commission’s sustainability agenda.
Speaking to Just Food in July, Matr Foods co-founder and CEO Randi Wahlsten said the business was operating out of a pilot plant in Denmark but planned to expand into new premises to increase production volumes in 2026.
The company produces plant-based burgers and mince using a fungi-derived fermentation process, mainly for the out-of-home channel in Denmark but also for sale online with Nemling. The pilot facility is located in Nordhavn, Copenhagen.
“We are thrilled that the EIB, with its strong support, enables us to take the production to scale as fast as possible,” Wahlsten said in an EIB statement confirming the loan.
“Our products have been received overwhelmingly well by chefs, restaurants and consumers, clearly confirming the appetite for cleaner, healthier and more juicy alternatives to meat.”
Matr Foods’ meat alternatives are made from plants such as beetroot, potatoes, lupins and peas. The company is aiming to scale-up production to around 3,000 tonnes a year with the loan funds in hand, according to the statement.
Just Food has asked Wahlsten for more details on the new facility in terms of location, total investment spending and an expected date for production to start.
In July, former Arla Foods executive Wahlsten said operating out of a pilot facility was limiting production to 30-40 tonnes per annum.
Volumes had risen by about 50-60% since the first products were turned out in 2022, she said.
Matr Foods was set up in 2021 with three other co-founders – Claus Meyer, Morten Sommera and Rasmus Toft-Kehler. Last year, the business also secured undisclosed funding from Novo Holdings, the investment arm of the Danish non-profit organisation, the Novo Nordisk Foundation.
The EIB said Matr Foods fits within the EU’s “bio-economy” goals as part of the bloc’s so-called Green deal to achieve net emissions by 2050.
Loannis Tsakiris, vice-president of the EIB, said: "When it comes to financing the green transition, innovation is a key part along with agriculture. Matr brings these two priority areas together and we are happy to support its endeavour.
“Plant-based meat alternatives not only have high potential for growth but also bring environmental and health benefits.”
