Spain’s Alternative Protein Sector Stands Out Among Food Tech Investments in 2022

Spain is consolidating its position as a food tech nation This year, the total backing figure for food tech in Spain stands at 268 million euros, an increase of 9.38% compared to the previous year, not counting the backing round achieved by Glovo (450 million euros), states the report. The raise included issuing convertible notes, which will lead to equity — in what is expected to be one of Europe’s largest alt protein Series B rounds next year.

Backers included Unovis Asset Management, the NBA’s Ricky Rubio, footballers Sergio Busquets and Sergi Roberto, and comedian David Broncano. At the beginning of the year, Heura reached a €4 million crowdfunding target in just 12 hours through its Equity for Good Rebels campaign, which aims to increase Heura’s supporters, first day doors to sharing the business’s financial success as it rapidly grows.

Novameat In February, the biotech startup Novameat pulled in $6.4 million in Pre-Series A backing to scale its plant-based meats. Based in Barcelona, Novameat creates whole cut versions of beef, pork, and chicken using several forms of technology, including proprietary 3D printing and microextrusion techniques. In May this year, the business started in 2018 when it unveiled the world’s first 3D-printed plant-based steak, developing a new 3D-printed beef steak by 2020, and now has expanded to a new range of alternatives. © Innomy Cubiq Foods Cubiq Foods , a startup developing cultivated fat for plant-based alternatives, completed a $6 million backing from backers, including US meat giant Cargill.

Cubiq is set to launch its first cultivated fat element into the marketplace by 2023. The business told reporters the funding would help it widen its commercial and production operations in North America and Europe .

Other alt protein startups that secured funds in 2022 Cocuus Startup Cocuus pulled in €2.5 million in a Pre-Series A backing round to scale its MIMETHICA platform that uses bio-inks to formulate and 3D print novel alternative proteins. Cargill Ventures, the backing arm of the multinational meat giant Cargill, backed this round to accelerate Cocuus’ process for producing plant or cell-based animal protein food analogs. © Cocuus Innomy In September, Innomy, a startup dedicated to mushroom-based alternatives, secured €1.3 million in a Pre-Series A funding round to scale, promote and trade its products in Europe.

Innomy develops meat alternatives combining fungi and biotechnology by using mycelium as a healthy protein source. José Luis Cabañero, CEO and founder at Eatable Adventures, commented: “ Spain is consolidating its position as a food tech nation with a flourishing ecosystem and great technological and intellectual solvency, which has attracted the interest of global shareholders and corporates throughout the year. Proof of this is the backing rounds received by some of the startups of our Spain Foodtech portfolio, such as Cocuus, Innomy, or Moa Foodtec.” Eatable Adventures of late made public the opening of its Spain Foodtech Startups Acceleration Program .