According to our
Annual Report, in 2023 European foodtech companies raised over €700 million (€721.8 million) in some 150+ deals. Although this total isn't enough to put the sector among the top 10 most-funded industries, when it comes to the number of deals, at 154, foodtech takes 8th place and is well worth keeping an eye on.
Here are some interesting companies Tech.eu followed in 2023, and ones to keep your eye on in 2024.
Last round: €32.5 million
Umiami, a French foodtech firm raised €32.5 million in a Series A funding round to expand its plant-based meat alternative technology in Europe and the US.
The financing round was led by SPI fund and French Tech Seed (both managed by Bpifrance for the French government), and included participation from Astanor Ventures, Redalpine, Newfund and VERSO Capital.
Last round: $35 million
Cultivated meat company Meatable raised $35 million. This investment brought the company's total funding to $95 million and was led by Agronomics, with Invest-NL join as a new investor, contributing $17 million.
Last round: $30 million
Cambridge-based biotech startup Uncommon raised $30 million in a Series A funding round. Formerly known as Higher Steaks, the startup intended to use the investment to further develop its unique approach to lab-grown foods.
The round was led by Balderton Capital and Lowercarbon, with Red Alpine, East Alpha, and previous investors Max and Sam Altman, Miray Zaki, and Sebastiano Castiglioni participating.
Last round: €16 million
Germany’s BLUU Seafood is a food biotech which is cultivating fish cells to produce fish products such as fish balls and fish fingers, which are blended with plant-based proteins.
The company raised a €16 million Series A round led by Sparkfood and LBBW VC and includes SeaX Ventures, Manta Ray Ventures, Norrsken VC, Delivery Hero, Innovationsstarter Fonds Hamburg GmbH and Dr. Oetker.
Last round: €12 million
German foodtech startup Goodbytz raised a €12 million Series A funding round to take its robotic kitchen assistants across borders as part of international expansion.
The investment round was led by early backer Oyster Bay and included investment from Block Group.
Last round: €12 million
Plant-based foods additive maker Paleo has raised €12 million in a Series A funding round led by DSM Venturing and Planet A Ventures, with Gimv, SFPIM Relaunch, Beyond Impact, and Siddhi Capital participating.
The company will use the new capital to help scale up its production of key ingredients for meat and fish alternatives through precision fermentation technology and move into a commercial production phase.
Last round: €8 million
Solar Foods has concluded its Series B funding round, raising €8 million from retail investors in Finland.
The company has developed a proprietary microbe that feeds on carbon dioxide (CO²) and hydrogen to grow a high-protein food ingredient called Solein.
Last round: €5 million
Dreamfarm, an Italian startup specialising in plant-based cheese alternatives, has raised €5 million.
The investment came from two accomplished entrepreneurs with a track record of success in the food industry, a serial entrepreneur who founded Italiana Ingredienti, Campus, and Hi-Food, and Francesco Mutti, the owner and CEO of the Mutti Group.
Last round: €3.2 million
Berlin-based developers of traditional meat (and other sources of protein) Nosh has raised €3.2 million in a seed funding round.
The round was led by Earlybird Venture Capital and saw the participation of Clear Current Capital, Grey Silo Ventures, and Good Seed Ventures.
Last round: £1.5 million
London-based food tech startup Adamo Foods has raised £1.5 million in a pre-seed investment round provided by SFC Capital.
The company is developing plant-based whole-cut meats using fermentation technology combined with mycelium.