French food tech firm Umiami has announced it has raised €32.5 million in a Series A financing round, bringing the total amount invested in the plant-based meat manufacturer to €100 million over the past three years.
The deal was led by SPI (Sociétés de Projets Industriels) fund and French Tech Seed, both managed by Bpifrance for the French government, with participation from Astanor Ventures, Redalpine, Newfund and VERSO Capital.
The latest financing round will help the company to bolster its production facilities – including the launch of a new factory in Alsace – as well as increase distribution in Europe and the United States, where it recently appointed a new managing director.
'Huge Success'
"We are extremely proud of the huge success of our Series A, and of the confidence that our investors and partners have placed in us," commented co-founders Tristan Maurel and Martin Habfast, who hold the positions of CEO and export director respectively.
"This round of funding will enable us to continue our mission to revolutionise the food industry by offering sustainable and tasty alternatives to meat-based products. We are also delighted to announce our expansion into the US, where we are determined to bring our innovation to American consumers."
'Revolutionise' Plant-Based Meat
According to Umiami, it is seeking to 'revolutionise' the plant-based meat market with its texturising technology called 'umisation', which mimics the taste and texture of meat and seafood, while also boasting clean-label ingredients.
The company currently boasts a capacity of 7,500 tonnes per production line, which it hopes to grow to more than 20,000 tonnes over time, investing in innovation through its R&D centre and announcing plans to launch a range of new products.
As well as its native France, the company launched in Switzerland in August of this year, while it has a presence in the foodservice sector in several markets, including Switzerland, Belgium, the Netherlands, Spain and Italy.
Commenting on the latest funding round, Jean-Philippe Richard, deputy director of the SPI fund, added, "Playing a part in the industrialisation of a start-up like Umiami is fully in line with the SPI fund’s raison d’être. Thanks to its unique technology, Umiami is offering an upmarket range of plant-based fillets.
"It enables us to boost reindustrialisation in France while enhancing the country’s reputation for agri-food expertise internationally through the development of cutting-edge initiatives serving healthy, traceable food with a low carbon footprint”.
