Norfolk-based company Novo Farina will use £3 million raised from private investors to fund the next stage of its development.

The road was led by billionaire Richard Koch, who has invested in ventures such as Filofax, Belgo, Plymouth Gin, Betfair, Fanduel and Auto1.

Novo Farina uses whole yellow peas to produce ‘sustainable, highly nutritious’ replacements for meat and wheat-based ingredients to serve the food manufacturing industry, foodservice and retail.

Managing director Dr Chris Harrison said: “We are absolutely delighted that investor confidence in Novo Farina means that we can increase production and relocate to bigger and better premises, giving us room for future expansion to keep up with the demand for our unique pea flour and protein products.”

The company’s lead product is Novo-Tex, a texturised pea protein developed as a meat substitute for plant-based burgers, sausages and other products. The range also includes Pea Flour and Pea Crumb. Novo Farina’s first retail product, Simpleas Snacks, was launched last year.

All products are gluten-free and vegan, and the company states its aim is to, where possible, source seed from UK suppliers, grow its crops in Norfolk and Suffolk, and process products at its Norwich factory.