Blue Horizon invests in Moira-backed Cubiq Foods

Blue Horizon Ventures told Unquote that it deployed an equity ticket of €5m via a capital increase.

Following the deal, Moira will hold a stake of around 46%, while Cubiq's founders will retain the remaining 19%.

Blue Horizon invested via its food-technology-focused vehicle, which launched in 2018. The fund aims to support companies developing a more sustainable food system through innovation and technology. Plant-based proteins, cellular agriculture and clean meat are its main focus areas. The fund sources its investment opportunities on a global scale with a focus on Europe.

The vehicle has a target of €150m and is currently fundraising, the GP told Unquote. It has deployed around €50m across 12 companies so far.

Moira invested €12m for a 75% stake in Cubiq in December 2018, while the remaining 25% was held by the founders.

Company
Established in 2018, Cubiq develops low-fat vegetable and animal proteins, and fat from animal cells to enrich food with omega-3, help reduce the use of other fats harmful to health, such as trans fats and palm oil, and enhance the flavour of food.

The company is headquartered in Barcelona with a production facility in Granollers. It expects to reach sales of €26m in 2022.

People
Blue Horizon Ventures – Michael Kleindl (managing partner).
Moira Capital – Javier Loizaga (chair).

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