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Finnish plant-based product manufacturer raises €13M funding from Swedish foodtech investment company

Helsinki-based startup Foodiq has raised €13M seed to offer one-stop-shop for plant-based product development and production. The lead investor in the round closing at the end of June is Nicoya, a foodtech-focused business-accelerating investment company in Sweden. The Finnish startup helps food companies create innovative clean-label products for the dairy alternative markets.

They at Foodiq work on coming up with tastety new flavours and removing E-codes (food ingredient codes for substances such as colourizers, preservatives, antioxidants, acidity regulators, thickeners, stabilisers and emulsifiers, pH regulators and anti-caking agents, flavour enhancers, antibiotics, glazing agents, gases and sweeteners) and additives to reintroduce existing recipes into plant-based world. The funding will be used for the development of the business and also help the startup expand its team, operations and product capacity.

Foodiq raised EUR 13 million in funding – invests in new plant-based innovations and strong global growth

Foodiq, pioneers in the production and development of new plant-based products, has raised EUR 13 million in funding. Foodiq develops better food for the future and promotes local food production, utilizing locally unique production capabilities. The company currently has factories in Finland and the UK, with customers throughout Europe. The funding raised will be used to develop new product innovations, scale operations and accelerate global growth.

The Finnish Foodiq Oy has raised EUR 13 million in financing. The financing round will run until the end of June and its main investor will be the Swedish food-tech investment company Nicoya. Nicoya invests in frontrunner companies within plant-based alternatives and new health solutions and has a portfolio of 14 brands in Europe and the US, e.g., NICK’s, El Taco Truck, Farmers & Chefs, Inika Superfoods, Splendid Spoon and Oatlaws to name a few.

Foodiq, Nicoya, Christopher Slim“Foodiq is a true pioneer within clean label plant-based production across non-dairy, meat replacement and functional health & nutrition. This new financing round will enable Foodiq to further manifest its footprint in the Nordic region as well as setting the foundation for accelerated international growth. We are very happy to continue supporting this great team and purpose.” says Nicoya CEO, Christopher Slim.

Foodiq Oy believes in local food production – aiming for global growth

Foodiq Oy promotes local food production and invests in new factories. In June, the company took over operations at the former Gold & Green Foods Oy’s Järvenpää factory. The funds received from the financing round will be used, among other things, to concentrate the Finnish operations in Järvenpää. In addition, Foodiq is expanding its operations into new plant-based product groups and new markets, investing in expanding operations and production capacity, and strengthening its organization by hiring new talents in sales, factories and product development.

Foodiq, Robert Savikko“At Foodiq, we believe local food is better for both environment and people. That is why we are investing in the construction of factories that utilize local raw materials. Responsible food production is an integral part of our operations: it is reflected in how we choose our subcontractors and raw material producers, as well as in our own actions to minimize our carbon footprint. Now we are taking the next step, and with the help of increased capacity, we are expanding our operations more and more outside of Finland as well”, says Robert Savikko, CEO of Foodiq Oy.

Foodiq Oy accelerates the transition to a plant-based diet and more sustainable food production

Foodiq Oy, founded in 2015, offers the production and product development of plant-based products to both the private and public sectors. It is the only player to provide both product development services and high-capacity production services to the food industry. The unique production processes developed by the company enable the production of good-tasting and natural plant-based products without additives.

Foodiq
Foodiq Oy’s tastings at the Free From food fair in June 2022

Currently the company’s plant-based dairy line and dry product line are capable of producing a wide range of products in various product groups, such as oat-based beverages, cooking, snack and protein-containing products. By developing innovative and commercial products for its customers, Foodiq Oy aims to accelerate the transition to a more plant-based diet and climate-friendly food production. The company’s vision is that in the future, Foodiq’s factories around the world will produce plant-based food locally and in accordance with sustainable production methods, using locally sourced raw materials.

“We are a service company that is truly transforming the food industry. We help our customer companies move to more sustainable plant-based production that meets the needs of consumers”, Savikko says.

Click here to read more funding news.

Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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