Spain’s Heura Foods closes €40M Series B round to propel net-positive food system and protein transition

Barcelona-based Heura Foods, a company that claims to be a leading player in the foodtech industry, announced that it has closed its €40M Series B funding round. This marks the largest plant-based funding round in 2023 for the company.

This milestone positions Heura at the forefront of the plant-based movement, fueling its vision for a positive impact on the global protein transition. 

Houlihan Lokey acted as the exclusive financial advisor to the company’s shareholders.

Investors supporting Heura Foods

The Series B round attracted major players in the plant-based sector, including the largest plant-based manufacturer Upfield, Unovis Asset Management, European Circular Bioeconomy Fund (ECBF VC), and New Tree Impact.

The strategic partnership enables Heura to enhance its influence in the food industry, expedite global expansion, and delve into innovative collaboration models beyond its existing line of branded meat alternatives.

David Haines, Group CEO of Upfield, says, “We’re excited to be leading Heura’s latest investment round and partnering with a pioneering foodtech focused on making waves with clean label technologies that deliver both on nutrition and taste.”

“Through our investment and strategic partnership, we’ll jointly advance research & development, to fast-track innovation in the plant-based cheese category.”

“We look forward to supporting Heura’s team in accelerating the plant-based transition, aligned on a joint mission to transform the global food system to one that offers consumers more affordable and delicious plant-based options, shaping the Future of Food,” adds Haines.

Capital utilisation

Heura Foods claims to be a leader in Spain’s alternative protein sector and is expanding into pivotal markets such as the UK, France, and Italy. The recent funding will propel the company towards profitability, solidifying its position as a frontrunner in the industry. 

Heura Foods will focus on launching high-repeat “successor” products, and also broaden its reach through tech licensing for a more extensive impact on the food system transformation.

Marc Coloma, CEO and co-founder of Heura Foods, says, “We are thrilled as this is a recognition of Heura’s vision at the forefront of Europe’s protein transition.” He points “to change the food system we need to move the pressure from consumers to the food industry, placing health and sustainability as a must.” 

Coloma adds, “This new chapter will drive us to profitability while allowing us to develop breakthrough tech to tackle the key challenges within the industry in a scalable way.”

Brief about Heura Foods

Founded by activists Marc Coloma and Bernat Añaños in April 2017, Heura Foods is a food-tech company on a mission to revolutionise the food system and eliminate animals from protein production. 

The company’s Mediterranean culinary influence is reflected in its products featuring extra virgin olive oil, clean labels, high nutritional values, and rich flavors. 

With a global presence in over 22,000 points of sale across 20 countries, Heura Foods claims to be actively contributing to the transition towards a more sustainable protein landscape.

In April, the company filed its initial patent, introducing additive-free nutritional values applicable to various plant-based categories, including deli meats, whole cuts (meats and fish), and dairy products. 

Within five months of filing, this pioneering method has been utilised to create the first additive-free “york-style” product, becoming the top-performing item per store/day within just three months.