Spanish plant-based meat producer Heura has announced the launch of EUR 20 million (~USD 20 million) pre-Series B funding round ahead of its Series B funding round slated for 2023 which the company expects to be one of the largest European Series B rounds in the alternative protein sector for 2023.

The bridge round is expected to draw in contributions from NBA star Ricky Rubio, soccer players for FB Barcelona Sergio Busquets and Sergi Roberto, comedian David Bronaco, and Unovis Capital. According to the company, this round will include the issuance of convertible notes leading to equity in next year's Series B round.

The funding from this round is expected to aid the company continue its scaling efforts in the region, expand its footprint in existing markets such as France, Italy, and the UK, and enter new markets including Austria, Germany, Switzerland, the Netherlands, and more with a  key focus on becoming a plant-based leader in Europe by 2027.

AnalystQuickTake: Heura has done exceptionally well in terms of raising funding and growth in the past. The company raised EUR 16 million (~USD 19 million) in June 2021 in Series A funding as well as securing EUR 4 million (~USD 4.3 million) within 12 hours through a crowdfunding campaign in April 2022. Having used this funding for its expansion into new markets, the company more than doubled its turnover in 1H 2022 reaching EUR 14.7 million (~USD 15 million) in July 2022.