The global food system faces mounting pressure, as meat production drives climate change, biodiversity loss, and health concerns. Yet, many current plant-based options fall short. MATR Foods, a Danish foodtech startup, is closing that gap with a clean-label, fungi-fermented meat alternative designed to balance taste, nutrition, and sustainability.
The company has completed a €40 million fundraise, comprising €20 million in Series A equity and €20 million in venture debt, the largest foodtech financing in Denmark to date. The round was co-led by Novo Holdings and the Export and Investment Fund of Denmark (EIFO), with debt from the European Investment Bank (EIB).
The fresh capital will allow MATR to scale production, expand internationally, and strengthen its position as a leader in next-generation plant-based proteins.
Creating a world where plant-based eating becomes the norm
MATR Foods was founded in 2021 by Morten Sommer, a microbiology professor at the Technical University of Denmark; Rasmus Toft-Kehler, a serial biotech entrepreneur; Claus Meyer, the acclaimed chef and co-founder of Noma; and Randi Wahlsten, a former executive at Arla Foods, who serves as CEO.
Their mission is to make planet-friendly eating accessible, delicious, and joyful. MATR’s principles emphasise local sourcing, traceable supply chains, and waste minimisation.
Wahlstein told TFN, “The vision behind MATR Foods was to create a plant-based alternative to meat that consumers and customers actually craved – a delicious and sustainable product made from natural ingredients and no additives, completely clean label. The biggest problems on earth today – our climate and nature crisis and our health crisis – both have the way we eat as the number one cause. But if people are to change their eating habits, it requires products that are delicious and amazing without compromises. We believe that requires new solutions like fungi-fermented MATR.”
At the heart of MATR’s technology is its solid-state fungal fermentation process, which transforms organic Nordic crops (oats, split peas, lupins, beetroots, and potatoes) into richly flavoured, meat-like foods. The fungus’s mycelial network naturally binds these ingredients, creating a juicy texture and deep, savoury umami reminiscent of slow-cooked vegetables or roasted meat.
The company’s flagship product, MATR Fungi Mince, is high in protein and fibre, low in fat, and nutritionally comparable to meat. Unlike many plant-based competitors such as Planted, Infinite Roots, and MyForest Foods, MATR avoids isolates and additives, instead using whole ingredients enhanced purely through fermentation.
What’s next?
With the €40 million raised, MATR plans to scale production from 30–40 tonnes per year to 4,000 tonnes by 2027. A new factory in Jutland, Denmark, will serve as the cornerstone of this expansion, expected to be operational by early 2027 and create roughly 60 new local jobs. The facility will also support international growth, particularly in Germany and Switzerland.
Wahlstein concluded, “Longer term, we are hoping to expand production and markets much further. The beautiful thing here is that for every kilo of MATR we sell, we save the planet for 73 tons of CO2 by the meat it replaces. So bigger is better for business, better for the climate, and better for health. That is our ambition.”