Plant-based brand Heura has raised €20m (£17.4m) to continue its rapid growth across Europe.
It is a continuation of a convertible investment round that began earlier this year when Heura raised €4.4m in a crowdfunding ‘Equity for Good Rebels’ campaign from almost 5,000 backers.
The Barcelona-headquartered supplier plans to continue raising cash before closing the series B round into 2023.
The latest round includes backing from Spanish footballers Sergio Busquets and Sergi Roberto, NBA star Ricky Rubio, comedian David Broncano and alternative meat-focused VC firm Unovis Asset Management.
Founded in 2017 by Marc Coloma and Bernat Añaños, Heura was valued at €70m in 2021 following a €4m crowdfunding campaign and a €16m series A investment round.
“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,” said Coloma.
“We have a clear vision, and this new funding will help us transition from a successful Spanish plant-based company to a net positive food-tech start-up that’s leading the protein transition across Europe.
“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.”
Heura aims to be the European plant-based category leader by 2027.
In July, it revealed revenues in the first half of 2022 had doubled to €14.7m as it increased distribution, with approximately 18,000 points of sale, including new listings with Ocado. It follows full-year revenues for 2021 more than doubling to €17.7m.