Barcelona-based Heura has secured €20 million ($22.2 million) from the European Investment Bank (EIB) to expand its plant-based meat and dairy technology platform, and says it is on course to achieve profitability in Q4 of this year.
Heura, which has raised over $76 million since it was founded by Bernat Añaños and Marc Coloma in 2017, made its name selling alt meat but has also developed novel texturizing technology that can be applied to everything from cold cuts and cheese to pasta, enabling more protein, less saturated fat, and fewer additives.
The “process-controlled microstructure design” tech—which involves heating, cooling and mixing—does not require expensive bespoke equipment and uses a lot less energy than extrusion, with a higher throughput, claims the firm, which is exploring partnerships and licensing deals for maximum impact.
‘Our priority for 2025 is achieving profitability’
Cofounder Bernat Añaños told AgFunderNews: “While total sales were flat in 2024 at €38 million ($42 million), this was a result of a strategic shift to prioritize profitability. We focused on Southern Europe—Italy, France, and Portugal—which saw a combined growth of 34.5%, while Spain remained stable. In Northern Europe, we intentionally scaled back, maintaining presence only with key partners including Waitrose in the UK, Jumbo in the Netherlands, and Billa in Austria.
“Over the past two years, we’ve focused on becoming financially independent and more resilient. Our efficiency efforts span country rationalization, margin improvement, and portfolio redesign. This multi-pronged approach gives us confidence in reaching profitability by Q4.”
He added: “While we can’t disclose specific forecasts yet, our priority for 2025 is achieving profitability and showcasing operational strength. Growth remains important, especially through portfolio expansion this year, and in the way forward via new categories, strategic partnerships, and co-branding—particularly in markets we’re not actively prioritizing.”
New products
The capital from the EIB will be primarily directed toward R&D, “with a strong focus to keep improving the categories we are now in but also accelerating the category diversification,” said Añaños.
“We are still focused on prioritizing profitability over growth. However, this year we are launching five innovations—three of which are already in the market: Tex Mex chunks, fillets (a collaboration with French whole cut specialist Swap Food), and a burger with fine herbs—which will be the foundations for sustainable growth in 2026.”
Asked about partnerships and licensing deals for its process-controlled microstructure design’ tech, he said: “We’ve made solid progress, but due to the complexity around patents and tech development, it’s a long-term effort. That said, we’re actively engaging with potential partners and are committed to collaboration as the only way forward in driving food system transformation.”
According to the company, Heura makes seven of the top 10 best-selling products in its category in Spain, where its new cold cuts have driven 60% growth in the segment. The company is also expanding its presence in the foodservice channel through partnerships with Royal Caribbean, Vueling, and Rodilla.
