Chunk Foods raises US$15 million in seed funding for one of the world’s largest whole cut plant-based factories
After raising US$2 million in a pre-seed round to develop a plant-based whole cut meat using fermentation technology, Chunk Foods recently raised another US$15 million in seed funding – from investors such as Fall Line Capital, The MIT E14 fund, and Robert Downey Jr's FootPrint Coalition – marking it the biggest seed round ever for an Israeli plant-based company.
The new funds raised are being used to construct one of the largest plant-based whole cuts factories in the world. Chunk’s facility will be completed in the summer of 2023 and will have the capacity to manufacture millions of steaks annually.
Chunk’s nutritious 100% plant-based whole cuts are among the cleanest products to ever be made in the space. Harnessing fermentation, the MIT-grad-led team has transformed everyday ingredients into something new.
Chunk’s products are radically different, yet comfortably familiar. They have a meaty texture and bite, and unmistakable umami flavors. Minimally processed and made with just a handful of recognizable ingredients, Chunk has no preservatives, additives, cholesterol or GMOs. Boasting 25g of protein, it cooks perfectly every single time. Made with minimal waste, Chunk’s plant-based whole cuts are poised to outcompete animal agriculture in terms of price, scale and efficiency. Chunk Foods’ steak is already being served at some of New York City’s finest establishments, including Coletta, Anixi and bicoastal hotspot, The Butcher’s Daughter.
“At a time in which consumers are driven by health and well-being in their food choices, while still demanding great taste, we are committed to meeting their rising expectations and revolutionizing eating habits,” commented Amos Golan, CEO, Chunk Foods. “We are humbled to have the support of top-tier investors who share our vision of creating a new and delicious center-of-plate standout that is sustainable, nutritious, and accessible to everyone.”
“We are thrilled to lead the seed round and embark on this journey with Amos and the rest of the Chunk team," enthused Eric O’Brien, Co-Founder & Managing Director of Fall Line Capital. "Their innovative approach to creating plant-based meat products with exceptional texture and taste while maintaining a clean label is impressive. Moreover, their ability to provide them at affordable prices offers a unique opportunity to address the gaps in the plant-based market, which has often been criticized for its high costs, overly processed options, and lackluster taste."
“Prior to investing, we worked with several top-tier restaurant groups and trialed the product in their test kitchens," added the FootPrint Coalition's Partner, Steve Levin. "There was unanimous praise for the product – not just in terms of taste, texture and ease of preparation – but also in the list of ingredients. The product hits all the marks.”
“As the climate and food crisis become more and more eminent, shifting away from industrial animal agriculture is one of the greatest challenges of our time," stated Nir Goldstein, CEO, The Good Food Institute Israel. "Recent consumption patterns reveal that there is a high demand for delicious and affordably priced plant-based whole cuts. This is precisely what Chunk Foods has expertly crafted.”
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