Chunk Foods: Funding Boost and Latin America Expansion
Chunk Foods, a company specializing in plant-based whole cuts of alternative protein, has secured an additional $7.5 million in seed extension funding and forged a strategic partnership with one of Latin America’s leading meat and dairy producers, Sigma Alimentos. This collaboration marks Chunk’s entry into the Latin American market, with its plant-based proteins set to feature in Sigma’s Better Balance product line, slated for release in Mexico this year.
Innovative Approach to Alternative Proteins
Founded four years ago, Chunk Foods garnered attention last April with a $15 million seed funding round, attracting investments from notable backers like Fall Line Capital, The MIT E14 fund, and FootPrint Coalition. The company utilizes fermentation technology and food-grade microorganisms to transform soy and wheat into steak-like filets, offering a unique and flavorful alternative to traditional meat products.
Optimism Amid Shifting Market Dynamics
Despite a slight downturn in venture capital investment within the plant-based sector in 2023, Amos Golan, founder and CEO of Chunk Foods, remains bullish on the industry’s prospects. Golan attributes this optimism to significant advancements in taste and texture, as well as increased availability of plant-based options across various dining establishments.
Expansion and Growth Trajectory
Chunk Foods has experienced rapid growth, with its plant-based “steaks” gaining traction in traditional restaurants along the East Coast of the United States. The company has expanded its product line, introduced new SKUs, and doubled in size over the past year. With Cheyenne Ventures leading the latest funding round, Chunk’s total seed funding now stands at $24 million.
Future Plans and Vision
Looking ahead, Golan plans to allocate the new funding towards expanding the company’s commercial and operations teams in the U.S., aiming for nationwide distribution and fostering local partnerships. Additionally, Chunk Foods intends to bolster its manufacturing capacity to meet the growing demand for its innovative plant-based offerings. Golan emphasizes investor confidence in Chunk’s vision, strong unit economics, and the promising potential of the plant-based whole cuts market.
