Umiami, a French foodtech startup specializing in plant-based meat alternatives, has recently achieved a significant milestone by securing a total of €100 million in capital in just three years. This achievement comes on the heels of a €32.5 million Series A funding round aimed at expanding the company's innovative "umisation" technology into the United States.
Funding Details
The Series A round was led by Bpifrance-managed funds Sociétés de Projets Industriels Fund (SPI) and French Tech Seed. Previous investors Astanor Ventures, Redalpine, Newfund, and new participant VERSO Capital also backed Umiami's expansion plans. This newly secured capital is additional to the €43 million the company received in non-dilutive financing intended to support the opening of the company’s new factory in Alsace.
Expansion Plans
Umiami plans to use the funds to expand its meat alternative offerings in Europe and make its debut in the U.S. market. The company has appointed John Hatto as the Managing Director for North America, signaling its serious intent to capture the American consumer base.
Technological Innovation & Future Plans
Umiami's unique "umisation" technology enables the company to create realistic plant-based alternatives to traditional meats like chicken breasts, cod, and nuggets. The startup's first products have already gained traction in Belgium, the Netherlands, Spain, and Italy, where demand for plant-based meat is on the rise.
Umiami is renowned for its texturizing technology, which allows the company to produce plant-based protein alternatives containing fewer than 10 ingredients and free of texturizing agents or controversial additives. With the startup's first products having already gained traction in Belgium, the Netherlands, Spain, and Italy, the company is set to launch a new factory in Alsace, France, with a production capacity of 7,500 tons per line. Plans are underway to increase this output to 20,000 tons over time.
Umiami aims to revolutionize the food industry by offering sustainable and tasty alternatives to meat-based products. Jean-Philippe Richard, Deputy Director of the SPI fund, highlighted that Umiami's unique technology enables the company to offer an upmarket range of plant-based fillets, contributing to France's reputation for agri-food expertise internationally.
Conclusion
Umiami's latest funding round marks a significant step in its journey to revolutionize the plant-based meat industry. With its innovative technology and strategic expansion plans, the company is well-positioned to make a significant impact on both the European and U.S. markets. As consumer demand for sustainable and healthy food options continues to grow, Umiami's future looks promising.