Houlihan Lokey Advises Heura on Its Series B Financing Round

Houlihan Lokey is pleased to announce that Heura Foods (Heura or the company), a Spanish food tech company, has successfully completed a series B financing round of €40 million, led by Upfield.

Founded in 2017, Heura provides consumers with sustainable and healthy alternatives to animal-based products. The company offers an exciting range of plant-based meat alternatives made from a blend of vegetable ingredients that are high in protein and low in fat. Heura has also developed a revolutionary technology to produce the most nutritious and clean-label protein alternative products in the market. The company has swiftly established itself as the leading plant-based food brand in Spain and continues rapidly expanding internationally, with impressive momentum in France, Italy, and the UK.

The financing round was led by Upfield, alongside other investors, including Unovis Asset Management, European Circular Bioeconomy Fund (ECBF VC), and New Tree Impact. This strategic coalition builds one of the biggest plant-based alliances, forming a board that will focus on top-notch tech to set new industry standards and allow Heura to boost its impact in the food industry, accelerating international expansion and exploring new collaboration models beyond its own branded protein alternatives with Upfield supporting specifically on plant-based cheese development.

Upfield is a prominent global company that specialises in the production and distribution of plant-based food products. The business focuses on offering alternatives to traditional dairy-based products, promoting a plant-based and sustainable approach to food.

The investment will support Heura to further drive innovation and expand its portfolio of tech patents, solving the biggest consumer barriers on a scalable and global scale.

Houlihan Lokey acted as the exclusive financial advisor to Heura, advising the company on all aspects of the transaction. This deal underscores Houlihan Lokey’s expertise in the exciting plant-based food sector, following the recent capital raise for Planted, the sale of Gosh! to Sonae, and the sale of Vivera to JBS. Moreover, this transaction further strengthens Houlihan Lokey’s market-leading position advising fast-growing consumer companies and the firm’s leadership in the Spanish middle-market.