Heura Foods, a leading player in Spain’s alternative protein sector, has closed its Series B funding round, raising €40 million in what marks the largest plant-based funding round of 2023. This significant investment underscores Heura’s position as a frontrunner in the industry, driving growth not only in Spain but also across key markets like the UK, France, and Italy.
The funding injection will propel Heura towards profitability and strengthen its competitive edge, further solidifying its position as an industry leader. Marc Coloma, CEO & Co-founder of Heura Foods, emphasized the company’s commitment to driving Europe’s protein transition, highlighting the importance of prioritizing health and sustainability in the food industry.
In a notable development, Heura filed its first patent in April 2023, showcasing groundbreaking nutritional properties free of additives. This innovation has been swiftly applied in production, resulting in the creation of additive-free ‘york-style’ slices, which have quickly gained popularity as the top rotating cold-cut alternative in Spain.
The Series B funding round saw the participation of prominent investors, including Upfield, a global leader in plant-based foods, and top venture capital firms such as Unovis Asset Management, the European Circular Bioeconomy Fund (ECBF VC), and Newtree Impact. This strategic alliance aims to advance research and development, accelerate innovation, and set new industry standards in the plant-based sector.
David Haines, Group CEO of Upfield, expressed excitement about leading Heura’s latest investment round, emphasizing the joint mission to transform the global food system by offering consumers affordable and delicious plant-based options. The partnership will focus on advancing technology in the plant-based cheese category, aligning with Heura’s vision of driving the plant-based transition.
With this Series B funding, Heura aims to achieve profitability, drive innovation, and expand its portfolio of patented technologies to address consumer barriers on a global scale. The company remains dedicated to launching ‘successor’ products with high repeat rates while expanding its business through tech licensing, thereby accelerating the transformation of the food system towards sustainability and health.