CANADA – Vancouver-based alternative-protein products manufacturer, No Meat Factory, has closed a US$42 million Series B funding round to accelerate its plant-based meat production growth.
This funding round was led by a new investor, Tengleman Growth Partners, a family-owned private-equity investor based in Germany.
Emil Capita Partners, a US-based growth investor that was part of the initial funding back when the company was starting also contributed to the series B round.
No Meat Factory is a start-up founded in 2019 by CEO Dieter Thiem, and COO Leon Bell. It currently operates out of a facility in Vancouver developing plant-based products such as burgers, nuggets, and whole-muscle meats.
A second facility, whose location remains undisclosed, is due to come on stream in the middle of the year in the Pacific Northwest region of the US.
The new site is anticipated to increase production and expand the products portfolio to include plant-based deli foods and sausage products, confirmed a spokesperson.
As No Meat Factory supplies its food brands in Canada and the US, the second plant will enable the firm to set foot into the private label sector.
“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 Thiem.
Thiem and Leon Bell combined, bring more than 65 years of experience in the plant-based food industry.
Together with a previous funding round, the total funding to date stands at US$60 million, as revealed by the spokesman.
No Meat Factory also reveals that the latest funding round will be used to support its expansion into new territories such as food service. They will also leverage their investors’ support and expertise to expand their global footprint.
A partner at Tengelman, Daniel Bentrup, added, “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.”
The partners and investors expressed their optimism for the future of No Meat Factory as they plan to evolve beyond servicing brand owners and broadly pursue private-label and more food service opportunities.