Randi Wahlsten: “I left RisingFoodStars much better equipped to take on investor discussions”
Discover how MATR Foods' participation in EIT Food's RisingFoodStars supported its growth, fundraising journey and international ambitions.
Randi Wahlsten is co-founder of MATR Foods, a Danish a food technology company using fungal fermentation and local legumes to create clean-label products designed to replace meat.
MATR Foods aims to deliver benefits beyond the product itself, including reducing CO2 emissions, land use and water use when replacing meat, while creating new opportunities for local farmers through its use of organic ingredients.
Since joining RisingFoodStars, the company has closed €40 million in equity investment and several million euros in grant funding, expanded into Germany and Switzerland alongside its home market of Denmark, and invested in its first factory.
In this interview, Wahlsten reflects on that growth, the lessons she took from RisingFoodStars and how EIT Food's support helped MATR Foods strengthen its approach to fundraising, build its network and pursue its international ambitions.
Could you tell us about your background and where MATR Foods was before you joined EIT Food?
I've been working in executive positions in the food industry for more than 10 years. Through that experience, it became increasingly clear to me that we have some significant health and sustainability challenges built into the way the food industry operates today, particularly in the emphasis we put on animal-based products. It was also clear to me that the big companies were not going to solve these challenges alone, and that more innovative and radical solutions were required. That led me to co-found MATR Foods with a team of microbiologists and chefs.
Before joining RisingFoodStars, we had established the company and developed a new technology using fungal fermentation on local legumes to create a product that can replace meat on the plate in a completely clean-label way. We had established pilot-scale production and received really good consumer feedback from the first volumes we were able to put out. But we were standing on the brink of taking the technology to scale and expanding into more international markets. It was in that context that we thought RisingFoodStars could be interesting for us.
“Many founders know their business inside out, but they don't necessarily know what it means to finance a business or everything they need to consider in that process.”
What did you gain from the RisingFoodStars programme?
Before entering the programme, the main attraction for me was the network and the opportunities it could potentially open up. Once I joined, I was also really impressed by some of the training, particularly the investment track. I left RisingFoodStars much better equipped to take on investor discussions for a very large Series A, with a better understanding of how investors would think about our case.
I think the programme has been part of educating us, particularly when it comes to investor relationships. Many founders know their business inside out, but they don't necessarily know what it means to finance a business or everything they need to consider in that process.
How did EIT Food's support influence your journey?
They've been very helpful. I do think that it is quite an amazing feature of the RisingFoodStars programme that they're so flexible and attentive to the needs of the companies that come in, and that they really try to give specific offers based on what people need. I find that rare and really quite impressive.
What has MATR Foods achieved since joining RisingFoodStars?
We've achieved a lot since we started participating in the programme. We've managed to close €40 million in equity investment and several million euros in grant funding. We've also won a number of prizes, including BioSolutions Pioneer and Biotech Company of the Year. With that investment, we bought a factory and are now very close to completing a first-of-a-kind biosolutions food process. We've built out the team and launched our products not only in Denmark, but also in Germany and Switzerland. A lot has happened since we joined, and I think participation in RisingFoodStars has been a good push along that journey.
"It's an impressive opportunity to get external perspectives from both experts and peers, and to gain a more international perspective in the early stages of your journey."
What did winning the EIT Food Women in Innovation Award mean to you?
We saw it as a beautiful opportunity to highlight and celebrate the innovation itself, but also the fact that, luckily, not all startups - and not all tech-based startups in Europe - have to be led by men. So winning the Women in Innovation Award was very nice. Of course, my name is on the award, but for me it has very much been something we've celebrated as a whole team.
We've used it as an opportunity to have a little extra celebration. It can all easily become very focused on business, so we made sure we had a good party to celebrate what a team of diverse backgrounds it takes to build a company like we are doing.
Would you recommend RisingFoodStars to other founders?
I would absolutely recommend the programme. It's an impressive opportunity to get external perspectives from both experts and peers on where you are, and to gain a more international perspective in the early stages of your journey.
There's also an amazing opportunity to really tailor the experience to what your company needs. My advice would be to go in with that mindset and make use of the opportunity from the beginning. I only realised that gradually as I went through the programme, so I would recommend that other founders have that mindset from day one.
About EIT Food's Healthier Lives Through Food mission
We will make a material difference to quality of life by enabling more consumers to have better choices through access to affordable, healthier food products and actionable information.
Through Healthier Lives Through Food, EIT Food brings together innovators, researchers, businesses, policymakers and communities to help create a food system in which healthier choices are more accessible, attractive and achievable for everyone.
Protein diversification is a key part of this mission. By expanding the range of nutritious, sustainable and appealing protein choices available to consumers, we can support healthier diets while building a more resilient food system. EIT Food’s Protein Diversification Think and Do Tank brings together stakeholders from across the food system to identify shared challenges, develop solutions and accelerate action.
Have an idea that could help shape a healthier food system? Explore EIT Food’s entrepreneurship programmes for startups and discover how we can support you in turning it into impact.