Nxtfood’s €49M Milestone Signals New Era for Europe’s Plant-Based Meat

Courtesy: Nxtfood

In a global funding landscape where enthusiasm for plant-based proteins has dimmed, French startup Nxtfood has managed to do the improbable. The company behind the fast-growing ACCRO brand has landed €49 million in fresh backing, the largest investment in Europe’s meat alternatives sector since 2022 and a striking show of confidence in a market still finding its footing.

Founded in 2019 in the Hauts-de-France region, Nxtfood has built its identity around simplicity, nutrition, and local sourcing. Its range of burgers, nuggets, sausages, mince, cold cuts, and ready meals is produced with wheat and pea protein grown nearby. Available in all major French supermarkets and over 10,000 foodservice outlets, ACCRO has quickly become a household name in the country’s alt-meat sector. Revenues have soared from just over €1 million in 2022 to €17 million this year, with 2024 alone delivering a tripling of sales. That momentum has helped the company carve out the reputation of being the fastest-growing plant-based meat startup in France.

The new investment comes from returning backers Creadev and Roquette Ventures, alongside two fresh entrants: Clay Capital, marking its first foray into plant-based proteins, and IRD Invest. For Creadev, which has now become Nxtfood’s majority shareholder, the company’s commercial success and industrial expansion are fully aligned. For Clay Capital, the decision reflects rare clarity in a turbulent sector. “With Nxtfood, we have found a company that combines operational excellence at scale, European ambition, and a clear path to profitability, a challenge that few players in this sector are able to meet today,” said founder Matthieu Vermersch.

This capital will be channeled into three priorities: tripling the size of Nxtfood’s Vitry-en-Artois production facility to 12,000 square meters, investing in wet extrusion research to achieve even more realistic textures, and accelerating the ACCRO brand across France while entering new European markets, including Germany, Italy, and the Benelux region. Co-manufacturing opportunities, especially with private label ranges increasingly championed by retailers, will also form part of the growth strategy. The company is targeting profitability within the next 12 to 18 months and expects to double revenues again in 2025.

What makes Nxtfood’s progress particularly notable is its context. In Europe and beyond, investment into alternative proteins has slowed dramatically, falling by more than 60% last year as investors recalibrated expectations. While sales of plant-based meat have plateaued or declined in more mature markets, France has been an exception. The country saw a 9% increase in vegan food sales in 2024, with chilled meat alternatives up more than 15% to €155 million. At the same time, overall meat consumption has continued its slow decline, down 6% over the last two decades. Government support has also played a role: France’s national protein strategy has directed public funding to companies advancing local crops like wheat, peas, and lentils, an alignment that fits neatly with Nxtfood’s sourcing model.

Yet this growth sits against a backdrop of political pushback. Regulators have attempted to limit the use of meat-like terms on plant-based products, while soy-based proteins have been singled out in mass catering bans under the guise of outdated health claims. Navigating this tension between consumer demand and political resistance will be critical for the next chapter of the French plant-based movement.

For now, Nxtfood’s story is one of resilience and conviction. The company recently renewed its B Corp certification, first obtained in 2022, and CEO Renaud Saïsset emphasizes that profitability will come not at the expense of values, but through efficiency and scale. “Beyond the numbers, it is thanks to the energy, rigour, and creativity of our team that we have reached this decisive moment,” he said. “Together, we carry a clear ambition: to make ACCRO the driving force of the plant-based transition in France and Europe.”

With capital secured, growth accelerating, and investors looking for signs of maturity in a sector once defined by hype, Nxtfood now has the opportunity to show that Europe’s plant-based market is not just alive, but ready for its next phase of evolution.