Europe has emerged as a hub for food tech innovation, with a growing number of companies transforming the way we produce, consume, and think about food. These forward-thinking companies are leveraging cutting-edge technologies such as plant-based ingredients, fermentation, artificial intelligence, and sustainable production methods to address some of the most pressing challenges facing the food industry today, including sustainability, food security, and health.
This wave of innovation is not only creating exciting new business opportunities but also offering more sustainable, healthy, and accessible food options for consumers across the globe.
Here are 10 food tech companies that raised the most in the first three quarters 2024.
Mosa Meat (Netherlands)
Mosa Meat is a food technology company pioneering a cleaner and kinder way of producing real beef through cultured meat technology.
The company focuses on creating sustainable beef burgers by cultivating muscle and fat tissue from a small sample of cow cells, eliminating the need for traditional livestock farming.
The mission of the company is to fundamentally reshape the global food system by rethinking meat production processes, aiming to make high-quality beef available worldwide without harming animals or the environment.
In April, the company raised €40 million to help bring cultivated beef to consumers.
Heura Foods (Spain)
Heura Foods is a mission-driven company dedicated to revolutionizing the food system by developing 100% plant-based meat and fish alternatives.
Their products are inspired by Mediterranean heritage, utilizing high-quality ingredients like olive oil to create sustainable, healthy, and flavorful options.
The company emphasizes sustainability and nutrition, aiming to provide alternatives that are more nutritious and environmentally friendly compared to traditional meat. Heura's offerings include plant-based chicken, beef, and pork products, all designed to closely mimic the taste and texture of animal meat.
In February, the company raised €40 million to pursue profitability, foster innovation, and expand its tech patent portfolio, addressing key consumer challenges on a global scale.
This (UK)
THIS is a UK-based company specializing in plant-based meat alternatives that closely replicate the taste and texture of traditional meat.
The company aims to provide realistic meat substitutes for meat lovers seeking plant-based options. Their mission is to "force animals into retirement," promoting a shift away from animal farming.
Since its launch, THIS has reportedly saved over a million animals. Their product range includes plant-based chicken and bacon alternatives, available in various supermarkets and food service outlets across the UK.
The company recently raised €23.6 million to fuel growth in the UK by launching new product ranges aligned with consumer health trends and enhancing profitability in its core offerings.
MATR Foods (Denmark)
MATR Foods specializes in creating innovative plant-based foods through traditional fungi fermentation.
By combining Nordic organic vegetables, legumes, and grains—specifically oats, split peas, lupins, beetroot, and potatoes—with natural fungi spores, MATR crafts healthy, climate-friendly ingredients rich in umami flavour and a juicy, tender texture.
The company's mission is to make planet-friendly eating accessible to all, supporting local farmers and reducing the environmental impact of food production.
With their latest €20 million round from EIB, the company plans to expand production of its plant-based meat alternatives.
Vegetarian Express (UK)
Vegetarian Express is a leading UK-based supplier specializing in plant-based and vegetarian ingredients for the foodservice industry.
With a diverse product range that includes meat alternatives, dairy substitutes, grains, pulses, and a variety of herbs and spices, the company caters to the evolving needs of chefs and caterers seeking innovative and sustainable menu options.
The company secured £15M earlier this year to expand into Ireland, improve operations, support its growing customer base, and enhance its digital services.
Novameat (Spain)
NOVAMEAT is a food technology startup specializing in the development of plant-based meat alternatives.
Utilizing advanced 3D printing technology, the company creates sustainable meat substitutes designed to mimic the taste, texture, and appearance of whole muscle cuts, such as beef steaks.
NOVAMEAT's innovative approach involves using plant-based ingredients like pea protein and beetroot juice to replicate the fibrous structure of animal meat. This technology enables the production of plant-based whole cuts at a rate of up to 500 kilograms per hour, contributing to a more sustainable and efficient food production system.
In September, the company raised €17.4 million in an oversubscribed Series A round to drive growth and commercialize its plant-based meat products.
Protein Distillery (Germany)
ProteinDistillery is a forward-thinking food technology company dedicated to revolutionizing the vegan protein market.
The company specializes in creating customizable vegan proteins that can fully replace animal proteins in various food products, addressing a significant gap in the food industry where true vegan protein alternatives matching the functionality of animal proteins are lacking.
ProteinDistillery's innovative approach involves using create healthy protein ingredients for meat alternatives, enabling customers to experience sustainable, animal-free food alternatives. The company is committed to leading the second wave of alternative protein products, aiming to elevate plant-based options to the same level as their animal counterparts in terms of taste, texture, and nutritional value.
In March, the company raised €15 million.
Planet A Foods (Germany)
Planet A Foods is a company pioneering sustainable food ingredients.
They specialize in producing the world's first 100% cocoa-free chocolate using proprietary fermentation technology. This innovative approach allows them to recreate the flavours and fats of traditional chocolate without relying on limited resources like cocoa, aiming to reduce carbon emissions and deforestation associated with cocoa production.
The company's mission is to develop food products decoupled from constrained land and labour resources, striving to produce food locally with minimal environmental impact. By utilizing fermentation, Planet A Foods can create ingredients sustainably, offering a more eco-friendly alternative to conventional chocolate.
In February, the company secured $15.4 million in funding to boost production of eco-friendly cocoa alternatives.
GeoSalmo (Iceland)
GeoSalmo is a company specializing in land-based salmon farming.
Leveraging Iceland's abundant natural resources, including geothermal and hydroelectric energy, GeoSalmo aims to produce high-quality salmon sustainably. The company is constructing a 24,000 metric ton hybrid flow-through land-based salmon farm, integrating an on-site smolt facility, grow-out, and processing plant to ensure full control over the production process.
GeoSalmo's operations utilize geothermal and hydroelectric energy, aligning with the company's commitment to sustainability.
The company secured €13.4 million in January, for the land-based salmon farming venture in Iceland.
Jow (France)
Jow is a company that simplifies meal planning and grocery shopping by offering personalized recipes and automated shopping lists.
Users input their household details, dietary preferences, and kitchen equipment, and Jow recommends tailored menus. The platform automatically adds the necessary ingredients to a shopping cart, which can be delivered to the user's home or picked up from a drive-through.
By focusing on sustainability and innovation, Jow addresses global challenges such as food waste and environmental impact, offering consumers a convenient and eco-friendly solution for meal planning and grocery shopping.
Earlier this year, the company attracted a $13 million investment for US expansion.
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