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Chunk Foods , a company making works - found whole cuts of alternative protein , close on another $ 7.5 million in seed extension funding amid a Modern strategic partnership with one of Latin America ’s magnanimous meat and dairy producers .
The partnership with meat and dairy farm manufacturer Sigma Alimentos lend Chunk ’s ware to Latin America for the first time . Chunk will furnish plant - ground proteins for Sigma’sBetter Balanceproduct descent . The products are expect to become available for foodservice and retail in Mexico this yr .
We profile Chunk Foods last April when the four - year - old company announced$15 million in seed fundingfrom investors , including Fall Line Capital , The MIT E14 fund and FootPrint Coalition . The ship’s company train whole cut of steak - similar filets using unrest technology and food - grade micro-organism to wrench soya bean and wheat into its proteins .
At the time , speculation capital into the flora - establish sector was booming . For good example , No Meat Factory , PlanetariansandISH Companyhad all raised around the same sentence . Investment into that particular sectorcooled offin 2023 , yet this investment could likely be a accelerator for things to add up .
Chunk Foods close to opening factory to get ‘ millions ’ of plant life - found steak
Despite fewer VC dollars being endow in plant - based alternative proteins , Amos Golan , founder and CEO of Chunk Foods , remains optimistic , even call 2023 “ a breakout year for the manufacture ” and his company .
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“ For a long meter , the plant - base option on the market did n’t play expectations in terms of penchant or texture , ” Golan told TechCrunch via email . “ Another major change from the retiring year has been availableness . Previously you ’d only find a range of vegan options at a ‘ vegan ’ restaurant or perhaps a plant - based burger that was middling at a loyal - casual establishment . This is now reposition . ”
Food prices are also a big defining factor for consumers being willing to try young things . Chunk ’s whole cuts are nearing parity with traditional animal products , Golan state .
In the past year , Chunk ’s plant life - based “ steaks ” have gone into traditional restaurants on the East Coast of the United States , including the Florida steakhouse chain Charley ’s Steak House .
During the same period of prison term , the company double in size , open a whole cut manufacture readiness and introduced two new SKUs : the six - Panthera uncia Steakhouse Cut steak and shredded Chunk steak .
In terms of the raw investment , Cheyenne Ventures lead the round , which brings the full seed round to $ 22 million . Chunk has now enkindle $ 24 million in total backing .
Golan contrive to deploy the new funding into expanding its commercial and operations teams in the U.S. with the goal of obtaining countrywide dispersion and increase the routine of local dispersion partnerships . The company will also increase manufacturing capacity to touch client demand .
Golan declined to share revenue growth and the company ’s valuation , but did say the current valuation is higher than Chunk ’s old round .
“ We have an unbelievable amount of market traction that the plant based blank space has not go out in a very long while and this has led to investment interest from existing and new investor , ” Golan said . “ It ’s good to say there ’s sureness from investors in our vision , strong unit economics and the potential of plant - based whole cuts quad as a whole . ”
Have a fat summit or chair about happening in the food tech or speculation humanity ? Send tips toChristine Hall at chall.techcrunch@gmail.com . Anonymity requests will be respected .
industrial plant - based foods investor says her focus is more on squad than taste
