Emerald invests in plant-based food innovator Meeat

Zurich, Switzerland: Emerald Ventures, a pioneer in industrial technology venture capital, announced Wednesday that it co-led a €8 million funding round into Finnish plant-based meat substitute startup Meeat. The investment is Emerald’s latest foray into the dynamic and fast-growing world of substitute animal proteins, signaling its deepening commitment to sustainable, low emissions agriculture. Tesi (Finnish Industry Investment Ltd) and the Finnish KVKI Capital also participated in the funding round.

Meeat, founded in 2020, develops delicious and sustainable plant-based products—made from fermented fava beans, pea protein and wheat—that replace meat in everyday, familiar recipes. It will use the funding to expand product development and distribution of its line of more than 40 plant-based products, from sausages to sauces.

The global market for alternative proteins is expected to register compound annual growth of nearly 17% to 2028. Products in this sector are hoping to take a bite out of the massive global market for traditional meat, worth $1.33 trillion in 2021, as consumers seek healthy, sustainable and animal-free alternatives. As the market leader in Finland, Meeat is perfectly positioned to grow in Germany, Denmark and the Benelux countries, the company’s immediate targets.

Meeat marks Emerald’s third investment into the plant-based protein market. It recently joined a $15 million seed round extension into Israeli dairy alternative startup Imagindairy; this followed a $347 million series B round in food technology firm Future Meat. Not only do these companies provide healthy and sustainable foods, their innovations also make significant contributions in the fight against global climate change.

“Delivering nutritious, sustainably produced food at an affordable price to consumers will accelerate adoption of plant-based meat products and also reduce carbon emissions,” says Philipp Hasler, investment director at Emerald. “We are excited to be supporting Meeat as it scales to meet consumer needs for affordable, tasty and diverse plant-based food products.”

“In Finland, Meeat has rapidly built a comprehensive portfolio of plant protein products that consumers have fallen in love with,” says Mikko Karell, CEO of Meeat. “We are thrilled to receive funding from investors with solid experience in innovative food companies, new technologies, brand building and internationalization.”

About Emerald Technology Ventures

Emerald is a globally recognized venture capital firm building a sustainable future at the crossroads of industry and technology. Founded in 2000, it is a pioneer in open innovation, providing multi-national corporations with rich deal flow and insight in the sectors and markets of tomorrow. Emerald has managed and advised assets of over €1 billion from its offices in Zurich, Toronto and Singapore. The firm is dedicated to tackling big challenges in climate change and sustainability via over 500 venture transactions and five third-party investment mandates, including loan guarantees to over 100 start-ups. www.emerald.vc



About Meeat 

Meeat is a leader in the Finnish plant-based meat category, offering delicious plant-based meats. Meeat Food Tech was founded in 2020. The company’s mission is to be at the center of the dining table making plant-based eating both easy and delicious for everyone without compromising on taste. Meeat the future.