MATR Foods, a Danish producer of fermented plant-based meat alternatives, has raised €40 million to scale its production. The funding, consisting of €20 million in Series A equity and €20 million in venture debt, was co-led by Novo Holdings and the Export and Investment Fund of Denmark (EIFO), with debt from the European Investment Bank (EIB). The capital will be used to expand MATR's fermentation process and set up a new production line in Jutland, Denmark, creating 60 new jobs locally.

MATR's products, including the flagship Fungi Mince, are made from organic ingredients grown in Scandinavia and have a low carbon footprint. The company aims to meet the demand for clean-label plant-based products that offer gastronomic excitement. CEO Randi Wahlsten expressed gratitude for the support and enthusiasm from customers and chefs, and looks forward to scaling production and internationalizing the business.