The Dutch state-owned investment fund is betting on global demand for sustainable, high-protein products to soar.
Invest-NL, the Netherlands’ national promotional institution, has invested a total of €13m in two startups that specialise in the production of high-quality protein alternatives.
Invest-NL committed €7m to a €24m funding round for Dutch foodtech scaleup Revyve, which produces yeast proteins that can replace eggs and additives in bakery products, sauces, meat substitutes and dairy alternatives. The investment will enable Revyve to ramp up production to more than 1600 tonnes per year to ensure reliable supply to large multinational food companies.
The funding round, which was jointly led by Invest-NL and ABN Amro Sustainable Impact Fund, also included the Brabant Development Company (BOM), Revyve’s strategic partner Lallemand Bio-Ingredients and Grey Silo Ventures, as well as existing investors Oost NL and Cosun Strategic Ventures.
Producing fewer eggs takes pressure off land and water use, is better for animal welfare and lowers the carbon footprint of food production, which Invest-NL said aligns with its mission to speed up the protein transition and strengthen the circular economy.
“We are proud to invest in this Dutch company, which enhances the innovative strength of the Netherlands with groundbreaking technology that could change the way food is produced worldwide,” said Lisette Kersting-van der Boog, senior investment manager at Invest-NL.
The Protein Brewery
Separately, the Dutch impact investor committed €6m in a €30m funding round for The Protein Brewery, which produces a high-protein food ingredient based on a patented fungus. Other investors included BOM, alongside existing shareholders Unovis Asset Management, Madeli and Novo Holdings, the controlling shareholder of obsesity drugmaker Novo Nordisk, which managed €142bn in assets as of the end of 2024.
The Protein Brewery will use the funds to grow its production capacity of Fermotein, which is brewed in large vats by growing a fungus at the right temperature and acidity level. The final product, a fibre and protein-rich powder, can serve as a replacement for animal proteins in baked goods, dairy substitutes, sports nutrition and meat alternatives.
“The Protein Brewery has built the infrastructure, laid the groundwork, and is now positioned to bring biotech-driven food innovation to the global stage. This funding fuels its ability to drive real impact in the food industry,” said Thomas Grotkjær, partner at Novo Holdings.
The extra funding will allow the firm to scale up production at its site in Breda, the Netherlands, to 2,500 tonnes per year. It plans to launch Fermotein with several customers in the US in the coming months, and also plans to grow its business in Singapore. Its commercial team is preparing for market launch in the EU and UK, following regulatory approval.
“With the unique fermentation solution, The Protein Brewery differentiates itself within the world of alternative proteins and strengthens the Netherlands’ leading position in food innovation. As a Dutch company driving the protein transition, The Protein Brewery sets a new standard in sustainability,” said Daan Meijer, investment manager at Invest-NL.
