Heura, a Spanish plant-based meat company, has raised £20 million in bridge funding this year via a crowdfunding campaign. The campaign kicked off at the start of the 2022, though within the first 12 hours the company says they raised over £4 million. More than 5,000 crowdfunders contributed, more than half of whom were between 18 and 35 years old. Heura will use the bridge funding, which is short-term finance to cover costs before income is expected, to help accelerate the company’s expansion goals to carry the brand across Europe.
“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,” Heura co-founder and CEO, Marc Coloma says. He added, “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.”
The Barcelona-based company currently represents approximately 80 percent of the category growth and a 30 percent market share in Spain. Investors in Heura’s bridge funding include NBA star Ricky Rubio, football players Sergi Busquets and Sergi Roberto, comedian David Broncano, and Unovis Asset Management.
Heura was founded in 2017 by Coloma and Bernat Añaños with a pledge to make food that is environmentally beneficial. The company measures its success in its resource and emissions reductions in comparison to the animal agriculture sector and estimates that, in the first six months of 2022, they reduced the need for water by roughly 55.9 millions liters and decreased CO2 emissions by 3.6 million kg.
Its purpose-driven pledge is reflected in the company’s sales. Heura’s year-on-year growth was more than 100 percent from 2020 to 2021.
The new funding will allow for further expansion across existing markets in France, Italy and the UK. The company will also enter new markets across Europe including Austria, Germany, Switzerland, and the Netherlands.
The funding will also aid the company in developing their first patent, as well as support research and development into new foods that are “nature-positive, nutrient-dense, and achieve culinary excellence.”
Heura has had an efficient first half of 2022, having reached €14.7 million in turnover,up from €7.6 million in the same period of 2021. The company attributes that change in part to their collaboration with leading European retailers, with more retail partnerships to be announced this year.
READ MORE: Spanish Vegan Meat Giant Heura Announces [euro sign]20 million Bridge Funding [Green Queen]