Despite a slowdown in plant-based meat sales in many markets, French startup Nxtfood (ACCRO brand) has successfully secured a €49 million ($58 million) funding round from investors including Clay Capital and Groupe IRD, alongside existing backers. This investment validates Nxtfood’s rapid growth in the French retail and foodservice sectors, where the overall alt-meat market is reportedly expanding at a double-digit rate, contrasting with flat or declining sales elsewhere. The capital will be used to triple production capacity at its French site, invest in R&D for high moisture extrusion, and accelerate sales and marketing efforts both in France and across Europe, with the company, which grew sales from €1 million in 2022 to an estimated €17.4 million in 2024—targeting profitability within the next 12 to 18 months. The company, which offers over 20 alt-meat products made from locally sourced wheat and pea proteins, attributes its success to operational excellence, offering clean-label, nutritionally balanced products, and capitalizing on opportunities like co-manufacturing for retailers and providing attractive options for the growing foodservice, especially school canteen, markets.
Source: NxtFood raises $58m to scale plant-based meat platform