The round was led by food accelerator Eatable Adventures and New York-based alternative protein fund Big Idea Ventures
MOA Foodtech
From left: Susana Sánchez (CSO), José María (CFO) and Bosco Emparanza (CEO

Biotechnology company Moa has raised €1.5 million in a seed round led by food accelerator Eatable Adventures and New York-based alternative protein fund Big Idea Ventures.

Pamplona-based Moa Foodtech combines biotechnology and artificial intelligence to transform waste and by-products of the agri-food industry into a ‘next generation protein ‘ with high nutritional value and 100% sustainable.

The start-up stated it will use the funding to scale its production of sustainable proteins for food and expand to the Asian and American markets.

Moa has been founded by Susana Sánchez (chief scientist officer), a microbiologist who was previously the director of innovation of a biopharmaceutical company, José María Elorza (chief financial officer) who has a banking and M&A background, and biochemist Bosco Emparanza (chief executive).

Emparanza said: ”Our current way of producing food is unsustainable. It causes 24% of greenhouse gases and 80% of deforestation, where 77% of the surface is used for animal feed. For this same reason, industry and society need sustainable and global solutions. Our mission is to produce sustainable and nutritious food. Right now we are working on developing foods using our ingredients in the dairy, meat and snack sector, among others.”

Moa stated it is committed to R&D and this year has obtained nearly €400,000 in grants for the development of new technologies and applications.

Moa Foodtech, together with Cocuus, Proppos, H2hydroponics and Innomy are the finalists of the first edition of Spain Food Tech, the Eatable Adventures’ acceleration programme supported by the National Center for Food Technology and Safety and ICEX Spain Export and Investment.

Date published: 28 October 2021

Continue reading

Subscribe to get unlimited digital access.

Subscribe

Already a subscriber? Login