French foodtech company Umiami is ramping up its texturising technology, for plant-based food, in Europe and taking it Stateside thanks to its latest Series A funding round top-up. The firm has just raised an additional €32.5 million which will see it heighten the demand for its umisation tech in European markets, expand its meat alternative offering to the US and add John Hatto to the team as he takes up the position of Managing Director for North America.
The €32.5 million financing round was led by SPI fund and French Tech Seed (both managed by Bpifrance for the French government), and includes participation from Astanor Ventures, Redalpine, Newfund and VERSO Capital. The additional capital brings the total Series A round to €59 million and the total raised by Umiami to date to over €100 million.
With plans to take over the plant-based meat alternatives world, the firm launches a new factory in Alsace where it develops plant-based meat alternatives which it claims contain under 10 ingredients, and are free of texturising agents or controversial additives. With a capacity of 7,500 tons per production line, the company is preparing to grow its output to 20,000 tons over time. The project is supported by the French government’s "France 2030" economic plan, the BPI (SPI fund) and other investors.
"We are extremely proud of the huge success of our Series A, and of the confidence that our investors and partners have placed in us. This round of funding will enable us to continue our mission to revolutionise the food industry by offering sustainable and tasty alternatives to meat-based products. We are also delighted to announce our expansion into the US, where we are determined to bring our innovation to American consumers,” says Tristan Maurel (CEO) and Martin Habfast (Export Director), co-founders of Umiami.
"Playing a part in the industrialisation of a start-up like Umiami is fully in line with the SPI fund’s raison d’être. Thanks to its unique technology, Umiami is offering an upmarket range of plant-based fillets. It enables us to boost reindustrialisation in France while enhancing the country’s reputation for agri-food expertise internationally through the development of cutting-edge initiatives serving healthy, traceable food with a low carbon footprint,” says Jean-Philippe Richard, Deputy Director of the SPI fund.
Lead image: via Umiami. Photo: Uncreditied.