French plant-based meat maker Nxtfood, known for its Accro brand, has secured €49M ($58M) after tripling its revenue last year.
While capital flows into alternative proteins continue to shrink, Nxtfood, the French vegan startup behind the Accro brand of meat alternatives, has gone against the grain.
It has raised €49M ($58M) in fresh funding from existing backers Creadev and Roquette Ventures, and new investors Clay Capital and IRD Invest (Groupe IRD).
It represents the largest investment in plant-based meat in Europe since 2022, and takes the firm’s total raised to $70M. The capital will be used to triple Nxtfood’s production capacity and expand into new markets, as it aims to become profitable in the next 12 to 18 months.
“This record fundraising is a true vote of confidence,” said Nxtfood CEO Renaud Saïsset. “But beyond the numbers, I want to salute the outstanding work of our team: it is thanks to their energy, their rigour, and their creativity that we have reached this decisive milestone. Together, we carry a clear ambition: to make Accro the driving force of the plant-based transition in France and in Europe.”
Nxtfood bucks plant-based investment trends
Founded in 2019 by Thierry Maroye, Nxtfood is based in the Hauts-de-France region and creates meat alternatives from locally produced wheat and pea proteins.
It sells over 20 products across multiple categories, spanning chicken fillets, slices and nuggets, pork sausage and bacon, beef mince, meatballs and burgers, cold cuts, as well as appetisers and ready meals.
These products are available in all major supermarkets and over 10,000 foodservice outlets. And having tripled its revenue in 2024, Nxtfood claims it is the fastest-growing plant-based meat startup in France.
That no doubt helped the firm secure the second-largest round for plant-based proteins in 2025 (behind Beyond Meat’s $100M debt financing), and Europe’s biggest since Planted’s $72M Series B round three years ago, in an otherwise dire investment landscape. Plant-based companies raised just $309M last year (a 64% decline), and by the first half of 2025, they had only brought in $180M.
Nxtfood’s success has also attracted new investors to the category, with Clay Capital making its first investment in plant-based meat.
“We have long observed the plant-based meat market with caution, looking for the right alignment between product, strategy, and team,” said Clay Capital founder and managing partner Matthieu Vermersch.
“With Nxtfood, we have found a company that combines operational excellence at scale, European ambition, and a clear path to profitability – a challenge that few players in this sector are able to meet today,” he added.
Nxtfood looks to expand across Europe and double profits
Building on its growth last year, Nxtfood is now aiming to double its revenues in 2025. It will use the funds to expand its production site in Vitry-en-Artois, tripling its footprint to 12,000 sq m.
The company will also strengthen its R&D into wet extrusion, and advance marketing through the Accro brand in France and B2B and co-manufacturing opportunities in Europe, starting with Germany, Italy and the Benelux region.
“We are proud of this new milestone for Nxtfood, whose industrial future is now fully aligned with its commercial performance,” said Baptiste Gormand, senior investment director at Creadev. “The arrival of Clay Capital and IRD Invest further strengthens an already solid governance, alongside the Roquette family, and [is] capable of supporting the company’s European ambition.”
Nxtfood’s sales success is reflective of the overall vegan market in France, which saw a 9% hike in sales in 2024. Sales of chilled plant-based meat products alone were up by 15.5%, reaching €155.7M (behind only milk alternatives). At the same time, meat intake has fallen by 6% over the last two decades.
The company’s focus on locally grown wheat and peas would likely also have caught investors’ attention. In July, as part of its National Strategy for Plant Proteins, France’s agriculture and food sovereignty ministry invested €11.7M into 10 companies working to reduce reliance on imported plant proteins and develop a range of local products.
This aligns with the 35% of French residents who rate legumes and pulses among the richest sources of protein, and the two-thirds who eat foods like beans, grains, lentils and wheat weekly. For a third of these consumers, nutritional benefits are the major driver behind the increase in consumption.
That said, the sales success and government investment have also been contrasted with France’s efforts to inhibit the growth of the plant-based sector. Its food safety agency has recommended a ban on soy-based products in mass catering environments by invoking long-debunked health concerns, while its ministers are once again behind an EU-wide measure to ban the use of meat-like terms on plant-based product labels.
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