MeEat Food Tech Oy has secured 8 million euros in funding for international growth. The funding round has been invested in by Swiss venture capital firm Emerald Technology Ventures, Tesi (Finnish Industry Investment Ltd), Finnish KVKI Capital and Heino Group. The total size of the funding round is 8 million euros.
With the funding, MeEat strengthens its position in the growing plant-protein market and seeks strong international growth. The funding received by MeEat will accelerate the opening of new markets and ensure that delicious plant-protein products will soon be widely available in Northern Europe as well. New target markets include Germany, Denmark, and the Benelux countries.
The story of MeEat is evidence that the world can change. MeEat Tech Food’s CEO Mikko Karell is a seasoned meat man and started working at Pouttu in 2017. From the start, it was clear that to succeed in a declining meat market, something else had to be done and it was obvious that there was room in the plant-protein market for easily understandable and delicious alternatives.
Turning a meat factory into a plant based factory with the help of the right expertise is possible and it happened quickly. In fall 2019, the first products were launched, and within a year, MeEat became a market leader in Finland. At the end of 2020, MeEat was separated into its own company with the help of Korkia Consulting, and Pouttu has continued to manufacture products at its Kannus factory.
“In Finland, MeEat has built a comprehensive portfolio of plant-protein products in a fast timeline and consumers have fallen in love with the products. We have received international awards, and now we want to expand beyond the borders of Finland. We will invest in marketing and product development, among other things. We have noticed that only products with the right taste, texture, and price succeed in the market,” says MeEat CEO Mikko Karell.
MeEat is at the forefront of development
Interest in plant-based protein sources continues to grow in Finland and around the world. The global plant-protein market is expected to grow nearly 17% by 2028. MeEat has excellent opportunities to grow in Europe in regions where consumers are increasingly seeking healthy and low-emission foods. Germany, Denmark, and the Benelux countries are MeEat’s most important target markets.
The new investors are excellent fits to be MeEat’s partners with their backgrounds and expertise. The actors have a strong track record in innovative food companies, new technologies, brand building, and internationalization.
“MeEat has a market-leading position in Finland, which is now expanding to other geographical regions in Europe. This makes MeEat an ideal investment opportunity for us, with our focus on innovative food companies and sustainable technologies. We believe MeEat will continue to drive growth and success in the plant-protein market,” says Dr. Guido Keßler, Partner of Emerald Technology Ventures.
