Novameat, a Spanish startup that created the 3D printed steak of pea protein, beetroot juice, and other plant-based ingredients, has raised USD 6 million in pre-Series A funding led by Praesidium. Other investors included Unovis Asset Management, Rubio Impact Ventures, Ataraxia, Volta Circle, and VU Venture Partners.

The funds will be used for the development of proprietary technologies that will enable scaled commercial manufacturing to accelerate the entry of its plant-based steaks and tenderloins to the market. Novameat is attempting to scale up production to over 500 kg of plant-based meat per hour with industrial equipment through its patented technology.

The startup announced that the new funding will be added to the grant it is getting from the European Innovation Council Accelerator, which is intended for developing in-house technology and production scalability. Novameat's plant-based meat will be available in 2022, with Spanish establishments serving as the testing ground, ranging from steakhouses to vegan, vegetarian, and conventional eateries, prior to its retail launch slated for 2023.