1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a key component of the European Innovation Council (EIC), designed to support startups and small to medium-sized enterprises (SMEs) aiming to develop and scale innovative products, services, or business models. This program focuses particularly on deep tech startups, which leverage cutting-edge technologies to address significant societal challenges. The EIC Accelerator provides a unique combination of funding opportunities, including grants and equity investments, to facilitate the transition from idea to market.

Funding Structure

The funding structure of the EIC Accelerator consists of two main components: grants and equity investments.

Purpose and Role in the Ecosystem

The EIC Accelerator aims to fill the funding gap that often exists in the European startup ecosystem, particularly for deep tech companies that require significant investment to develop complex technologies. The program plays a crucial role in helping these companies scale by:

• Providing financial resources that allow for extensive research and development.
• Facilitating connections with private investors, thereby increasing the likelihood of securing additional funding.
• Offering coaching and mentorship from experienced professionals, which enhances the business acumen of the startups.

By fostering innovation and supporting the growth of technology-driven businesses, the EIC Accelerator significantly contributes to the competitiveness of the European economy and the global deep tech landscape.

Case Study: Novameat Tech, S.L. and the NewMEAT Project

Company Overview:
Novameat Tech, S.L., based in Spain, is one of the EIC Accelerator winners, recognized for its innovative approach to plant-based meat alternatives. The company focuses on developing advanced food technologies aimed at creating sustainable and nutritious meat substitutes.

Project Acronym: NewMEAT
Project Description: NewMEAT stands for New Micro-extrusion Advanced Technology for plant-based whole-cut meat substitutes. This project aims to develop a manufacturing process that utilizes micro-extrusion techniques to create high-quality plant-based meat products that closely resemble the texture and flavor of traditional meat.

Funding Type: Grant only
Submission Date: October 6, 2021, for the Step 2 proposal.

Technology Basics and Background

The NewMEAT project is centered around a cutting-edge micro-extrusion technology that allows for the creation of whole-cut meat substitutes from plant-based ingredients. This innovative process is designed to mimic the fibrous structure of animal meat, providing a more authentic texture and mouthfeel than many existing plant-based products.

Key Technological Aspects:

In summary, the EIC Accelerator program plays a vital role in the European startup ecosystem by providing essential funding and support to innovative companies like Novameat Tech, S.L. Through its NewMEAT project, Novameat is at the forefront of developing sustainable, plant-based meat alternatives that leverage advanced technology to meet the evolving needs of consumers.

2 The Funding Rounds

Novameat Tech, S.L. – Financing and Funding Overview Since EIC Accelerator Award

Financing Raised

Since winning the EIC Accelerator in October 2021, Novameat Tech, S.L., a Spanish food tech company specializing in plant-based meat alternatives, has significantly increased its capital base. As of September 2024, the company has raised approximately €25 million ($27.5 million) across all funding rounds.

Funding Rounds: Timing and Amounts

• The most notable recent round was an oversubscribed Series A closed in September 2024.
• Amount Raised: €17.4 million (about $19.2 million)
• Date Closed: Announced on September 11–12, 2024
• This Series A round brought total funds raised to around $25–27.5 million.

Investor Information

• The Series A was co-led by Sofinnova Partners and Forbion via its BioEconomy Fund.
• Existing investors participated through follow-on investments:
• Unovis Asset Management
• Praesidium
• Rubio Impact Ventures.
• As part of this financing event:
• Alex Hoffmann (Forbion) joined Novameat’s Board of Directors.
• Joy Faucher (Forbion) was appointed as Board Observer.

Use of Funds

The capital is being deployed to: - Scale up production using its proprietary MicroForce technology.

• Expand product offerings—including the launch of Shredded Nova-bef in September 2024.
• Boost global market reach and enhance commercial activities in new regions.
• Accelerate research & development efforts.

Company Valuations

Public sources do not disclose a specific post-money valuation for Novameat following the Series A round; however, given industry standards for similar companies at this stage with comparable funding amounts—especially within the rapidly growing alternative proteins sector—it can be inferred that valuations likely range between $60–90 million post-money (this is an estimate based on typical multiples rather than explicit disclosure).

Exit Events: IPOs or Buyouts

As of April 23, 2025:

There are no public reports or filings indicating that Novameat has pursued an IPO or been acquired/bought out since receiving EIC Accelerator funding.

---

Sources

• Novameat raises $19.2m to expand next-gen plant-based meat texturizing tech
• Novameat Raises €17.4M Oversubscribed Series A Round Led by Sofinnova Partners and Forbion
• Forbion Co-Leads €17.4m Oversubscribed Series A Financing
• Novameat Raises €17.4M in Series A Funding – FinSMEs

-<a href="https://www.proteinproductiontechnology.com/post/novameat-secures-eu17-

-million-in- oversubscribed-series-a-round" class="inline-link" target="_blank" rel="noopener noreferrer">Novameat secures €17.4 million in oversubscribed Series A round – Protein Production Technology International

-NovaMea tStock Price, Funding, Valuation, Revenue & Financials – CB Insights

-Novamaet Nabs $19 .2M i nSeries A Revamps Plant-Based Shredded Beef – Green Queen Hong Kong

3 The Press Releases

Novameat Tech, S.L., a Spanish sustainable food technology company, has made significant advancements and strategic moves since winning the EIC Accelerator funding in October 2021. The company specializes in creating pioneering plant-based whole-cut meat alternatives using proprietary microextrusion and 3D printing technologies.

Key Developments and Technology Advancements

• Novameat developed a patented microextrusion technology called "MicroForce," which creates highly fibrous plant-based products with an authentic meat-like texture without high temperatures or additives such as methylcellulose or carrageenan. This technology is more energy-efficient than traditional extrusion methods and enables production of various cuts including strips, steaks, chunks, and pulled meats.
• The company transitioned from early-stage desktop 3D printing prototypes to industrial-scale production by adapting off-the-shelf large-scale equipment for their microforce process. They have industrially scaled this technology to produce up to 500 kg per hour of whole-cut plant-based meat analogues.
• Their product portfolio includes shredded "beef," shredded "chicken," chicken fillets, turkey pastrami (which won Best Plant-Based Deli Product at Plant Based World Expo), steaks, tenderloin, and fillets. These products have been positively received by chefs, foodservice professionals, consumers, and industry experts alike.

Funding Milestones

• After receiving EIC Accelerator support starting late 2021 aimed at scaling their innovative microextrusion tech toward commercialization, Novameat raised $6.4 million in Pre-Series A funding in early 2022 to accelerate bringing whole cuts like steaks and tenderloin to market.
• In September 2024 they closed an oversubscribed Series A round raising €17.4 million (~$19M), led by Sofinnova Partners and Forbion BioEconomy Fund with reinvestments from Unovis Asset Management among others. This capital injection will be used for:
• Expanding commercial activities into new regions beyond current presence (UK, Spain, Benelux)
• Scaling production capabilities further using MicroForce technology
• Launching expanded product lines including the recently introduced Shredded Nova-bef
• Accelerating R&D efforts for next-generation sustainable protein innovations

Partnerships & Market Strategy

• Novameat follows a B2B approach targeting large foodservice customers as well as retail partnerships across Europe.
• Their investors include leading venture capital funds specialized in bioeconomy sectors such as Sofinnova Partners (lead investor), Forbion BioEconomy Fund (lead investor), Unovis Asset Management (reinvested), Praesidium Ventures (early stage lead) and Rubio Impact Ventures.

Team Updates & Recognition

• Founder & CEO Giuseppe Scionti continues leading the team focused on leveraging tissue engineering expertise applied from academia into scalable food tech innovation.
• The company has adjusted its production facility to meet stringent BRCGS standards ensuring high quality controls suitable for broad market supply.

Intellectual Property & Certifications

• Novameat’s core microextrusion technology is patent-protected internationally including granted patents in the US (Patent No: 11,779,033) with other filings pending or published across Chile, Europe and Japan; further expansions expected throughout 2024.
• Their products hold certifications reflecting safety standards compliance required for commercial distribution globally.

---

Novameat’s trajectory since its EIC Accelerator success reflects strong growth fueled by breakthrough technological innovation combined with robust financial backing that positions them as leaders within the alternative protein space aiming at mass-market disruption through scalable plant-based whole cuts with superior taste and texture qualities.

Sources

• Novameat secures €17.4 million in oversubscribed Series A round
• Novameat official website
• Novameat raises €17.4M oversubscribed Series A Round – Business Wire
• Pre-Series A funding details – Vegconomist

-AgFunderNews: Expand next-gen plant-based meat texturizing tech

-CORDIS EU report on NewMEAT project

-Food Business Africa: Series A Funding update

4 The Technology Advancements

Novameat Tech, S.L. from Spain has significantly advanced its capabilities since receiving EIC Accelerator funding on October 6, 2021. The company specializes in producing whole-cut plant-based meat analogues with textures and bites closely mimicking animal meat, utilizing proprietary MicroForce technology that enables scalable production while maintaining fibrous texture similar to real meat.

Current Capabilities

• Novameat’s MicroForce technology is an industrial micro-extrusion process that allows the creation of textured plant-based meats at commercial scale without relying on complex additives like methylcellulose or carrageenan.
• Their facility near the Mediterranean Sea in Barcelona is BRCGS Start! certified and produces a range of products including pulled chicken, shredded beef, deli-style turkey, and chicken mini-fillets.
• The process is energy-efficient with low water waste and cost-effective compared to traditional texturizing technologies.
• Production capacity reportedly reaches around 500 kilograms of whole-muscle plant protein per hour.

Advancements Since EIC Accelerator Funding

Since October 2021:

• Novameat has industrially scaled up its proprietary MicroForce technology and modified its production facility to meet stringent food safety certifications.
• It successfully launched new products such as Shredded Nova-bef (shredded beef analogue), which has received positive market feedback for improved taste and texture at competitive prices.
• The company raised a substantial €17.4 million Series A funding round in September 2024 led by investors like Sofinnova Partners and Forbion BioEconomy Fund to expand product portfolios, increase production capacity, accelerate R&D efforts, and enter new geographic markets (Europe initially followed by North America and Asia-Pacific).

Technology Improvements & New Features

• Beyond scaling existing tech capabilities for commercial volumes, Novameat continues research focused on enhancing product quality—taste, texture—and nutritional profiles while striving for price parity with traditional meats.
• Their modular micro-extrusion platform aims to be replicated worldwide in existing food facilities leveraging local resources for sustainable scaling.

Market Demonstrations & Customers

• Novameat’s products are currently supplied commercially across Europe to foodservice customers including caterers like The New Standard UK and prestigious restaurants such as Disfrutar in Barcelona (voted world’s best restaurant in 2024).
• They have demonstrated their technology effectively through these partnerships involving pilots or ongoing supply agreements in real-market conditions.

Patents & Scientific Publications

There is no explicit recent public information regarding newly filed patents or scientific publications directly attributed post-EIC funding; however:

Their core intellectual property centers around the MicroForce micro-extrusion physical texturizing process patented internationally before or around their early development stages.

Summary

Novameat Tech has evolved from pioneering lab-scale 3D printed steaks toward high-volume industrial manufacturing using innovative micro-extrusion technology. Post-EIC Accelerator support allowed them to upscale operations considerably while launching commercially accepted new products with promising sensory qualities. Their ongoing investment into R&D combined with strong market traction positions them as a leading player driving innovation within sustainable plant-based meat alternatives.

---

Sources

• Technology | NOVAMEAT TECH

• NOVAMEAT - IED Online PDF

• Novameat secures €17.4 million Series A round - Protein Production Technology

• Novameat raises $19M Series A funding - Green Queen

• NovaMeat develops meat analogue - Food Navigator

5 The Partnerships and Customers

Novameat Tech, S.L., a Spanish food tech company specializing in plant-based meat alternatives, has developed several new partnerships and customer relationships that are strategically significant for its market positioning and technological advancement since receiving EIC Accelerator funding in October 2021.

Key Partnerships and Investors:

• In September 2024, Novameat successfully closed an oversubscribed €17.4 million Series A funding round led by venture capital firms Sofinnova Partners and Forbion via its BioEconomy Fund. Existing investors Unovis Asset Management, Praesidium, Rubio Impact Ventures also participated.
• Alex Hoffmann from Forbion joined Novameat's board of directors as part of this round.
• The participation of these prominent life sciences investment firms signals strong confidence in Novameat’s proprietary MicroForce technology and product pipeline.

New Customers and Market Expansion:

• Novameat is currently supplying foodservice markets across the UK, Spain, Belgium, Netherlands (Benelux), with plans to enhance commercial activities into new regions following the latest funding injection.
• The launch of a new product called Shredded Nova-bef on September 16, 2024 received very positive feedback from customers already engaged with the brand.

Nature and Purpose of New Relationships:

• The newly formed partnerships with Sofinnova Partners and Forbion bring not only capital but also strategic expertise to accelerate scaling production capabilities using their patented MicroForce technology—a novel low temperature/low-pressure texturizing process enabling industrial-scale production of fibrous plant-based meats without common additives like methylcellulose or carrageenan.
• These relationships aim to expand Novameat’s product portfolio beyond existing offerings while enhancing research & development efforts for future innovations.

Market Positioning Impact:

• With backing from top-tier investors known for deep expertise in life sciences and bioeconomy sectors combined with strong customer acceptance validated by early market launches such as Shredded Nova-bef, Novameat is positioned as a leader within the plant-based protein space.
• Its scalable proprietary technology platform differentiates it from competitors relying on conventional extrusion methods by offering cost-efficient production that supports wider ingredient use while maintaining texture quality comparable to animal meat products.

Technological Advancement & Scaling Benefits:

• The infusion of funds will enable continued R&D acceleration which is crucial for maintaining technological leadership through ongoing innovation pipelines.
• Scaling up production capacity using adapted large-scale equipment based on their micro-extrusion principles allows them to meet increasing demand efficiently at competitive costs while maintaining high-quality standards—key factors supporting rapid growth internationally.

In summary, since winning EIC Accelerator funding in late 2021, Novameat Tech has forged valuable investor partnerships critical for financing its expansion into new markets with innovative products. These collaborations provide both financial resources and strategic guidance that bolster its unique microforce technology development. This positions Novameat strongly as an emerging leader advancing sustainable plant-based meats globally.

---

Sources:

• Novameat Raises €17.4M Oversubscribed Series A Round Led by Sofinnova Partners

• Forbion Co-Leads €17.4m Oversubscribed Series A Financing

• Novameat secures €17.4 million in oversubscribed Series A round

• Novameat nets $19.2m to expand next-gen plant-based meat texturizing tech

• Novameat Secures €17.4M in Oversubscribed Round Launches New Product

6 The Hiring and Company Growth

Novameat Tech, S.L., a Spanish biotech startup founded in 2018 and based in Barcelona, has been advancing rapidly since receiving EIC Accelerator funding following their Step 2 proposal submission on October 6, 2021. The company specializes in developing sustainable plant-based whole-cut meat alternatives using proprietary technologies such as industrial-level 3D printing and microextrusion to replicate the texture and taste of animal meat.

Team Size and Growth
While exact current headcount figures are not publicly detailed, Novameat is described as having a dedicated team of innovators combining food science with culinary expertise to scale their technology. Since its founding, Novameat has grown from a seed-stage company raising around $6 million (including Pre-Series A funding secured in early 2022) aimed at scaling production capacity significantly. This indicates growth from a small startup toward an industrial-scale operation.

Hiring Status and Key Positions
There is no explicit public listing or announcement confirming if Novameat is currently hiring; however, given their ongoing product development milestones—launching products into Spanish restaurants starting around 2022-2023 and planning retail expansions—it is likely that they have been expanding their team to support production scaling and market entry. Typically for companies like Novameat focused on food technology innovation and scale-up, key hires would include roles in R&D (food scientists/engineers), manufacturing process engineers, product development specialists, regulatory affairs experts, commercial/sales staff for B2B partnerships, and possibly supply chain/logistics professionals.

Recent Hiring Impact & Future Outlook
The new team members acquired recently or planned hires will be critical for transitioning from prototype development to mass production—Novameat reports being capable of producing about 500kg per hour of plant-based whole cuts with industrial equipment by early 2022—a speed approximately fifteen times faster than conventional extrusion methods. This capability strongly suggests that recent hires have supported technological advancement as well as operational scale-up. Expanding talent supports the company's mission to simplify conscious eating choices globally by enabling them to meet growing demand efficiently while maintaining product quality.

Management Changes
No public information indicates any major changes within Novameat’s management or founding team since its inception. The CEO remains Giuseppi Scionti who leads the company’s bioengineering-driven innovation efforts.

In summary:

• Headcount: Not explicitly disclosed but implied growth consistent with $6M+ funding rounds.
• Growth: Significant expansion post-EIC Accelerator funding; advanced pilot-to-industrial-scale manufacturing.
• Current Hiring: No direct confirmation but likely ongoing due to market launch phases.
• Key Roles Hired: Likely includes R&D scientists/engineers plus manufacturing/production staff.
• Impact of New Team Members: Critical for scaling proprietary tech from pilot stages through commercial launch across B2B channels.
• Management Stability: Founding leadership intact without notable changes reported.

This trajectory positions Novameat strongly within the competitive plant-based protein sector as it scales innovative meat alternatives designed for both restaurant supply chains and retail markets worldwide.

---

Sources:

• NovaMeat - CB Insights Profile
• Novameat Company Website - About Us
• Vegconomist: Novameat Secures $6M Funding

7 The Media Features and Publications

Novameat Tech, S.L.: Media Coverage and Public Engagement Post-EIC Accelerator Funding Since securing EIC Accelerator funding in October 2021, Novameat Tech, S.L. has expanded its media presence through product launches, funding milestones, and participation in industry events.

Media Features and Publications

• BusinessWire (September 2024) highlighted Novameat’s €17.4M Series A round led by Sofinnova Partners and Forbion, emphasizing its proprietary MicroForce technology for plant-based meat production.
• Plant Based News (September 2024) covered the launch of Shredded Nova-bef, detailing its pea-and-fava protein composition and biomimetic 3D design for meat-like textures.
• Green Queen (January 2021) reported on Novameat’s early advancements in hybrid cell-based/plant-based prototypes, including a 22,500mm³ cultivated meat prototype described as a “complete gamechanger”.

Podcasts and Interviews

Investment Climate Podcast (October 2024) featured CEO Giuseppe Scionti discussing long-term investor strategies post-Series A funding closure. Scionti emphasized scaling production for whole-cut alternatives like deli turkey and shredded beef.

Conference Participation and Events

MWC Barcelona 2025: Showcased scrumptious plant-based meats using industrial-scale MicroForce extrusion technology designed to replicate animal-meat textures sustainably. Earlier events are not explicitly detailed in available sources beyond hybrid prototype demonstrations at unspecified forums.

---

Sources

Novameat Raises €17.4M Series A | Shredded Plant-Based Beef Launch | Cell-Based Meat Prototype | Investment Climate Podcast | MWC Barcelona Demo