Tech
Plant-based meat startup Heura just raised $20 million as it aims to become Europe’s industry leader. Here’s the 35-slide pitch deck it used to raise the funds.
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- Spanish alternative protein startup Heura just raised $20 million through a crowdfunding campaign.
- The bridge round, backed by NBA star Ricky Rubio, comes ahead of a planned larger Series B.
- We got an exclusive look at the 35-slide pitch deck it used to raise the funds.
Alternative protein startup Heura just raised 20 million euros (around $20 million) as sales of its alternative meats more than doubled in the first half of the year.
The Barcelona-based firm, which was founded in 2017 by animal rights activist Marc Coloma and Bernat Añaños, raised the bridge round through crowdfunding ahead of a planned larger Series B fundraise.
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The pair set about creating healthy meat alternatives that look, feel, and taste like animal-based meat while just using plant-based ingredients.
The plant-based food sector has blown up in recent years, with a bevy of startups creating alternatives to seafood, egg, and whole cuts of meat. It could be worth $162 billion in the next decade, according to Bloomberg Intelligence.
However, the sector has not been immune to the economic downturn. Beyond Meat, which went public in 2019, has faced a dropoff in its share price and tumbling sales, which ultimately led to layoffs.
Heura remains committed to growing the plant-based food sector across Europe, as it has done in Spain, Añaños told Insider. He said the company wanted to become a European leader for “meat successors” by 2027.
The company opted for a crowdfunding campaign instead of seeking institutional cash, allowing anyone to buy a stake for 20 euros (around $20). The cofounders want customers to share Heura’s financial success, Añaños said.
Heura had originally set a crowdfunding target of 1 millions euros, which was exceeded in 30 minutes, Añaños said. It nabbed investment from NBA star Ricky Rubio, soccer players Sergi Busquets and Sergi Roberto, and comedian David Broncano. New York-based impact investment firm Unovis Asset Management also participated.
“It is extremely rewarding to see mission-driven investors come together to support Heura’s rapid growth across Europe,” Añaños said.
Being able to raise funding in the current market puts Heura in good stead for its next funding round, Añaños added, which the company hopes will be Europe’s largest Series B for plant-based food.
It brings the company’s total funding raised to 36 million euros. The fresh funds will be used to double down on existing markets, which include France, Italy, and the UK. It will also be used to expand into new markets such as Austria, Germany, Switzerland, and the Netherlands.
The startup plans to file its first patents in November. Añaños couldn’t share further details but said Heura had worked on a new approach to creating macro and micro nutrient-dense foods that went “beyond what’s been technologically possible to date.”
“When we’re looking at developing new foods, we don’t limit ourselves to mimicking animal meat in nutritional value because, with plant-based foods, we have better options,” Añaños said.
“Thanks to food science and technology, we understand what an optimal diet looks like. So, rather than trying to just reach the equivalent of animal meat nutritionals, we want to surpass them; offering foods that are meat successors. Delicious foods that are even better than animal meats.”
Heura plans to grow its team from 185 to 200 by early next year.
Check out the 35-slide pitch deck it used to raise the cash below.
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