French start-up Nxtfood has secured €49m ($58m) in funding to support plant-based meat production.
The funding round saw continued investments from Creadev and Roquette Ventures, and new contributions from Clay Capital and IRD Invest (Groupe IRD).
Creadev, affiliated with the Mulliez Family Association, has become the majority shareholder.
Roquette Ventures remains an investor, while Clay Capital is entering the plant-based meat sector for the first time through this investment.
Set up in 2019 in the Hauts-de-France region, Nxtfood focuses on developing plant-based meat substitutes using wheat and pea proteins.
The company, which sells its products under the Accro brand, plans to use the funds to expand its Vitry-en-Artois production site to 12,000m².
Additionally, the investment will be used to support advanced research in wet extrusion technology and increasing sales, as well as marketing efforts both in France and Europe.
The company also provides B2B production capacity to other food companies.
Nxtfood CEO Renaud Saïsset said: “This record fundraising is a true vote of confidence. Our historical shareholders, Creadev and Roquette Ventures, have reaffirmed their support, and two new committed partners, Clay Capital and IRD Invest, are joining the adventure.
“But beyond the numbers, I want to salute the outstanding work of our team: it is thanks to their energy, their rigour, and their creativity that we have reached this decisive milestone. Together, we carry a clear ambition: to make Accro the driving force of the plant-based transition in France and in Europe.”
Nxtfood aims to achieve profitability within 12 to 18 months and plans to double its revenue by 2025.
In 2024, Nxtfood experienced a threefold increase in revenue and now offers more than 20 products in all French supermarkets and over 10,000 foodservice locations.
Creadev senior investment director Baptiste Gormand said: “We are proud of this new milestone for Nxtfood, whose industrial future is now fully aligned with its commercial performance. The arrival of Clay Capital and IRD Invest further strengthens an already solid governance, alongside the Roquette family, and capable of supporting the company’s European ambition.”
