Plant-based brand Heura has raised €20m to continue its rapid growth across Europe.
It is a continuation of a convertible investment round that began earlier this year when Heura raised €4.4m in a crowdfunding ‘Equity for Good Rebels’ campaign from almost 5,000 backers.
The Barcelona-headquartered supplier plans to continue raising cash before closing the series B round into 2023.
The latest round includes backing from Spanish footballers Sergio Busquets and Sergi Roberto, NBA star Ricky Rubio, comedian David Broncano and alternative meat-focused VC firm Unovis Asset Management.
Founded in 2017 by Marc Coloma and Bernat Añaños, Heura was valued at €70m in 2021 following a €4m crowdfunding campaign and a €16m series A investment round.
“Having mission-driven investors on board who dare to take bold action to accelerate the plant-based protein transition gives us the resources to continue driving category growth across Europe,” said Coloma. “We have a clear vision, and this new funding will help us transition from a successful Spanish plant-based company to a net positive food-tech start-up that’s leading the protein transition across Europe. “This growth path is designed to bring us into 2023 in position to close the largest Series B rounds in the industry, and usher in a future that’s better for the people, planet and animals.”
Heura will use the funds to position itself as the European plant-based leader by 2027. Further, the company plans to expand its operations in markets like France, Italy, the UK, and new European regions, including Austria, Germany, Switzerland, the Netherlands, and more.
The capital will also be used for launching new tech and innovations in new segments, filing its first patents in November 2022, focusing on delivering new foods in 2023 that are nature-positive, nutrient-dense, and achieve culinary excellence, says the company.
Heura is already making waves in the Spanish market, with 80% of plant-based category growth credited to the company sales.
The company is slated to end the year with a whopping 30% market share as it expands its vision across Europe. In July, it revealed revenues in the first half of 2022 had doubled to €14.7m as it increased distribution, with approximately 18,000 points of sale, including new listings with Ocado. It follows full-year revenues for 2021 more than doubling to €17.7m.v