Start-up expands in France, speeds up distribution in Europe and sets out to conquer US
Umiami to attend Plant-based World Europe on 15th and 16th November in London
Umiami, the French foodtech company specialised in plant-based meat alternatives, has announced a new €32.5M ($34.7M) financing round, bringing the total amount secured to €100M ($107M) in three years. The deal was led by SPI (“Sociétés de Projets Industriels”) fund and French Tech Seed, both managed by Bpifrance (“Banque Publique d’Investissement”) for the French government, with participation from Astanor Ventures, Redalpine, Newfund and VERSO Capital. This funding round positions Umiami as a major player in the sector. It meets three key objectives: boost industrialisation of its cutting-edge “umisation” technology, speed up distribution in Europe and support its expansion in the US with the appointment of John Hatto as Managing Director for North America.
Renewed trust from French and international investors
Since its creation three years ago, Umiami has secured more than €100M ($107M) in financing, with strong support from well-known investors and banks as well as public authorities. This new €32.5M ($34.7M) round, taking its Series A to €59M ($62.8M), is in addition to the €43M ($45.8M) in non-dilutive financing, intended for the launch of its new factory in Alsace, (€34M ($36.2M) in debt, and €9M ($9.6M) in subsidies and repayable advances as part of “France 2030” economic plan.
Bpifrance, a long-standing partner through the French Tech Seed fund, is renewing its support for Umiami with the arrival of the SPI fund, managed on behalf of the French government as part of “France 2030” economic plan. The SPI fund has a firm track record in providing long-term support for industrialisation projects. Its backing is a strong endorsement of Umiami’s development strategy. Historic investors Astanor Ventures, Redalpine and Newfund also renewed their support.
Industrialisation and know-how
Umiami has revolutionised the production of plant-based meat with its very own texturising technology called ‘umisation’. It perfectly mimics the taste and texture of meat and fish, with equivalent nutritional value. This innovation is the first of its kind in the world, containing under 10 ingredients, and free of texturising agents or controversial additives.
Following the success of an industrial pilot in the Paris region, Umiami aims to become the world leader in plant-based meat alternatives with the launch of its new factory in Alsace. With capacity of 7,500 tons per production line, the company is preparing to grow its output to 20,000 tons over time. Supported by the government “France 2030” economic plan, the BPI (SPI fund) and other investors, Umiami is establishing itself as a pillar of the region’s reindustrialization and local job creation. At the same time, the company is investing in innovation through its R&D centre, with plans for more new products.
Accelerated distribution in Europe
Following its Swiss launch in August 2023, Umiami’s expansion continues to progress and is focused on Europe’s most established plant-based markets. The start-up, which is active in both restaurant and retail sectors, has already expanded its presence in the foodservice sector in several European countries, including Switzerland, Belgium, the Netherlands, Spain and Italy, where it has won over professionals with its plant-based chicken fillet.
Umiami also plans to announce new partnerships in early 2024. This expansion proves its commitment to playing a lead role in the transition to more sustainable food globally.
Breaking into the US
Capitalising on the potential of its unique plant-based chicken fillet, which can be presented in a variety of ways including grilled, breaded, fried, marinated and sauced, Umiami is setting out to conquer the United States, a more developed market for plant-based meat alternatives.
To spearhead this initiative, the start-up has recruited John Hatto, a seasoned FMCG executive as its new US Managing Director. His expertise and leadership will guide the company through this new development phase. John Hatto has over 30 years’ experience in the food and beverage industry, having held a number of senior positions at Lamb Weston, including Vice President of Foodservice Sales, and at PepsiCo, where he was Vice President of Business Strategy.
Tristan Maurel (CEO) and Martin Habfast (Export Director), co-founders of Umiami, said: “We are extremely proud of the huge success of our Series A, and of the confidence that our investors and partners have placed in us. This round of funding will enable us to continue our mission to revolutionise the food industry by offering sustainable and tasty alternatives to meat-based products. We are also delighted to announce our expansion into the US, where we are determined to bring our innovation to American consumers. With our exceptional team and cutting-edge technology, we’re ready to shape the future of foodtech”.
Jean-Philippe Richard, Deputy Director of the SPI fund, comments: “Playing a part in the industrialisation of a start-up like Umiami is fully in line with the SPI fund’s raison d’être. Thanks to its unique technology, Umiami is offering an upmarket range of plant-based fillets. It enables us to boost reindustrialisation in France while enhancing the country’s reputation for agri-food expertise internationally through the development of cutting-edge initiatives serving healthy, traceable food with a low carbon footprint”.
Matthew Sade, Venture Partner at Astanor Ventures: “Astanor Ventures is extremely pleased to partner with BPI and to continue our support of Tristan, Martin, and the entire Umiami team. They have developed a unique technology and product line that delights consumers and exceeds their expectations in a way that no other product on the market does. Umiami’s chicken is clearly one piece of the puzzle to speeding the global transition to a more sustainable food supply”.
Main investors:
Bpifrance – SPI and French Tech Seed funds
Astanor Ventures
Redalpine
VERSO Capital
KIMA Ventures
Newfund
French Partners
Ibrahima Konaté
Innovations in Food (& Beverage) Technology is a quarterly magazine distributed globally both in Print and Digital formats. www.innovationsfood.com. Twitter: @Innovfoodtech. Instagram: @innovationsinfoodtechnology. Linkedin: www.linkedin.com/in/terry-prior52
