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No Meat Factory secures US$42 million Series B funding

January 16, 2023

The plant-based alternative protein manufacturer, No Meat Factory, has announced it has closed a Series B funding round totaling US$42 million. New investor Tengelmann Growth Partners led the round, with participation from existing investor Emil Capital Partners (ECP), which initially invested during company formation in 2019. With this latest funding round, No Meat Factory plans to expand its production footprint in North America and build out its manufacturing capabilities to service the global market, increasing access to affordable alternative proteins for mainstream consumers. No Meat Factory will also continue to make significant investments in its global research and development organization that focuses on commercializing the latest innovations in alternative protein.

“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,” commented Dieter Thiem, CEO & Co-founder of No Meat Factory. “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.”

No Meat Factory, through its BRC-certified facilities in British Columbia, produces plant-based alternative protein products for its brand partners, including meat alternatives for convenience products such as nuggets and hamburgers and whole-muscle alternatives. Its second production facility, which will begin operations in early 2023, will further increase production capacity and provide additional manufacturing capabilities for plant-based deli and sausage alternatives.

“No Meat Factory has an exceptional founding team with decades of experience in the plant-based industry, and we are thrilled to come on board to support the company’s next phase of growth,” added Patrick Schaich, Investment Partner at Tengelmann Growth Partners.

“As more brands understand the need to provide customers with delicious plant-based alternatives, companies like No Meat Factory are poised to experience rapid growth and increasing demand for its manufacturing capabilities,” added Daniel Bentrup, Investment Partner at Tengelmann Growth Partners.

No Meat Factory co-founders Dieter Thiem and Leon Bell have over 65 years of combined experience in the plant-based food industry, particularly in plant-based meat production. As the global demand for plant-based meat continues to grow, constraints in production become more visible and challenging, presenting a problem that No Meat Factory is uniquely positioned to help solve. By leveraging the founders’ collective experience and connections built over tenured careers, the company offers the latest in manufacturing technology for cost-effective, high quality alternative protein production fueled by a global network of suppliers.

“We invested in No Meat Factory at their earliest phase just a few short years ago, and seeing their continued growth underscores the importance of what they’re doing for plant-based protein alternatives as an industry,” said Marcel Bens, Managing Partner and Chief Operating Officer of ECP. “We will continue to work closely with Dieter and the team to offer our guidance, expertise and connections as No Meat Factory executes its vision to offer truly high-quality plant-based protein products globally. We’re highly optimistic for the future of No Meat Factory as they plan to evolve beyond servicing brand owners and pursue private-label and foodservice opportunities more broadly.”

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