The alternative protein manufacturer raised US $42 million
It’s been a fast and furious few years of growth for No Meat Factory, the plant-based food producer, which was founded in 2019.
Today, the company announced that it has raised a Series B funding round of US$42 million. The round was led by Germany-based investor Tengelmann Growth Partners, with participation from existing Connecticut investor Emil Capital Partners, who initially invested during No Meat Factory’s formation in 2019.
With the latest funding round, the company plans to expand its production footprint in North America and build out its manufacturing capabilities to service the global market, according to a release.
“The traction No Meat Factory has experienced in just a few short years is evidence that consumers want greater access to plant-based alternative proteins and brands are looking for ways to deliver quality at an affordable price,” said Dieter Thiem, No Meat Factory CEO and co-founder, in a release. “With this latest funding round, we are excited to not only expand our operations to meet the needs of our partners, but to take advantage of the support and expertise of our investors as we expand our footprint globally.”
The company has offices/facilities in three different B.C. locations: Surrey, Coldstream and Kelowna and produces plant-based alternative protein products for its brand partners, including alternatives to items like nuggets and hamburgers.