Daiz, a plant-based meat company headquartered in Japan, has raised Y7.1bn ($47.44m) in its latest funding round.

The Kumamoto City-headquartered company will “invest in one of Japan’s largest plant meat raw material factories” scheduled to start operations in February 2025, according to a statement.

The new 40,000-square-metre facility will eventually manufacture 20,000 tonnes of the company’s plant-based Miracle Meat per year. Around 40 jobs will be created.

Daiz added that it will “aim to realise further business growth by accelerating growth in the domestic and overseas market”.

The new funding round takes the total amount secured by Daiz to over Y13.1bn, which is claimed to be the largest sum ever raised in the Japanese food-tech industry. Daiz completed its Series A funding round in 2020.

Tatsuya Koitabashi, director and CFO of Daiz, said: “While the current funding environment for start-ups is reported to be weak, we received investment from 11 companies, including existing shareholders, for a total of Y3.78bn, an increase in valuation from the previous round. 

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“In addition to the capital increase, we have also provided debt financing totalling Y3.4bn from nine financial institutions. New industries are born from the margins of regulation, and by using the financing systems of the Ministry of Economy, Trade and Industry and the Ministry of Agriculture, Forestry and Fisheries, we will be able to procure long-term corporate loans at a low cost, which is unusual for start-ups. I think we have succeeded.

“In order to meet the expectations of everyone who supported us, we will use the funds raised this time to invest in growth, including the construction of a new factory for next-generation plant meat raw material Miracle Meat. We will aim for growth.”

Miracle Meat is made from whole soybeans and can be used to produce a range of meat alternatives, including burgers, chicken and tuna.