Novo Holdings Invests in MATR Foods’ Fungi-Powered Fermented Meat Alternatives – vegconomist
Life science investor Novo Holdings has announced an initial investment in MATR Foods, a Danish food tech startup leveraging the power of mycelium, traditional fermentation, and upcycled vegetables to make sustainable meat alternative products.
The startup’s flagship product, MATR Fungi Mince, a low-fat and high-protein alternative offering an amino acid profile similar to meat, is said to have a carbon footprint significantly lower (94% less) than beef.
“…we are experiencing a much higher demand than we can currently supply”
MATR currently supplies products to several Danish restaurant chains, including Gasoline Grill, Sticks’n’Sushi, and the online supermarket Nemlig.com. The new capital will help scale the startup’s production capacity and expand its customer base to meet the demand from existing and new customers.
Randi Wahlsten, CEO of MATR, said: “We have been extremely well received by chefs and consumers alike to the point where we are experiencing a much higher demand than we can currently supply. We share a clear vision of creating a truly impactful international food business based on our sustainable, clean fungi food technology.”
Unlocking flavors, minimizing waste
MATR Foods, founded in Copenhagen in 2021, aims to address climate change, biodiversity, and health challenges through microbiology and gastronomy. Led by an international team of researchers, chefs, and entrepreneurs with experience in the food industry, the Danish startup uses cutting-edge fungi food solutions to make the “new generation of plant-based food.”
“MATR has managed to develop a product that tastes great, is highly nutritious and has a strong sustainability profile”
Harnessing mycelium and traditional fermentation, it transforms locally sourced organic ingredients, such as oats, split peas, lupin, beetroot, and potatoes, into patties and mince with umami flavor and firm bite. The mycelium acts as a binder, and together with the fermentation process, it imparts a distinctive taste, allowing MATR to avoid additives and artificial flavorings, thus delivering clean-label products.
MATR Foods operates production facilities in Copenhagen’s Nordhavn and has received follow-on funding from the BioInnovation Institute after participating in the organization’s Venture House program.
Health and sustainability
Novo Holdings is a world-leading life sciences investor. As of year-end 2023, its total assets were EUR 149 billion. With the Novo Nordisk Foundation, Novo Holdings invests in promising discoveries that can be translated into applicable biosolutions, striving to generate both attractive financial returns and a positive impact on society.
Novo Holdings is also the controlling shareholder of the pharmaceutical company Novo Nordisk and the biotech firm Novozymes, which is reportedly Denmark’s largest-ever merger between Novozymes and Chr. Hansen Holding.
Other companies developing plant-based meat products using fermentation and upcycled ingredients include the Swedish startup Millow, which leverages oats and mycelium, and the US company Planetarians, which uses oil cakes and brewer’s yeast to make vegan blocks that can be turned into any meat.
Thomas Grotkjær, Partner, Planetary Health Investments, Novo Holdings, shared: “MATR has managed to develop a product that tastes great, is highly nutritious and has a strong sustainability profile. I am very pleased with the opportunity to contribute to the scaling-up of MATR Foods and thereby offering end-consumers a new product that combines the savoury experience we know from meat with the health and sustainability benefits of a plant-based diet.“
