French plant-based meat maker Nxtfood, known for its Accro brand, has raised €49M ($58M) in fresh funding from existing backers Creadev and Roquette Ventures, as well as new investors Clay Capital and IRD Invest. The capital will be used to triple Nxtfood’s production capacity and expand into new markets in Europe, aiming to become profitable in the next 12 to 18 months.

Founded in 2019, Nxtfood creates meat alternatives from locally produced wheat and pea proteins, selling over 20 products across multiple categories. The company has tripled its revenue last year and is now aiming to double its revenues in 2025. Nxtfood's success reflects the overall growth of the vegan market in France, with sales of chilled plant-based meat products increasing and a government investment in local plant proteins. However, efforts to inhibit the plant-based sector in France continue, with recommendations for bans on soy-based products in mass catering and measures to restrict meat-like terms on plant-based product labels.