As per ESG Today, the company also looks to launch its new plant-based beef alternative to the market in September. Using pea protein as the base for its products, Novameat develops 3D printed plant-based alternative foods to meats that we consume on a regular basis, representing an innovative approach in the sector.

The company's proprietary MicroForce technology offers, according to company experts, a product that is very similar in terms of texture to the protein coming from animals. As it is made from plant-based proteins, the end product can come in a variety of shapes, such as fillets and raw cuts.

Giuseppe Scionti, CEO and Founder of Novameat, said that "this funding marks a significant milestone in our journey, and we are more committed than ever to empower people to prioritize their wellbeing and our planet."

Sofinnova Partners and Forbion via its BioEconomy Fund co-led the financing round, which saw participation from Praesidium and Rubio Impact Ventures.

Joško Bobanović, Partner at Sofinnova Partners, added that "Novameat has the potential to revolutionize the food industry by providing sustainable and tasty alternatives to animal-based proteins. With their great tasting products, unique technology platform, strong customer approval, in-house production capacity, and competitive cost structure they are well-positioned to seize the enormous market opportunity and drive further innovation in the sector."