Chunk Foods, an emerging Israeli firm that specializes in producing plant-based whole cuts, has secured $15 million in Series A financing.
Fall Line Capital, an initial investor in the US-based plant-based meat company Impossible Foods, spearheaded the funding round.
The MIT E14 fund and Footprint Coalition Ventures, led by Robert Downey Jr., were among the other investors who participated in the funding round.
To develop its plant-based whole-cut meat products using fermentation, Chunk Foods initially raised $2 million in a pre-seed round. The company is now utilizing the new funds to build “one of the largest factories for plant-based whole cuts globally.”
The company’s upcoming facility is slated to be finished by this summer, with the ability to produce “millions of steaks” each year.
“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 revolutionising eating habits,” Chunk Foods CEO Amos Golan said. “We are humbled to have the support of top-tier investors who share our vision of creating a new and delicious centre-of-plate standout that is sustainable, nutritious, and accessible to everyone.”
Chunk Foods offers its plant-based steak alternatives at various restaurants in New York City and Los Angeles, such as Coletta, Anixi, and The Butcher’s Daughter.
“Their innovative approach to creating plant-based meat products with exceptional texture and taste while maintaining a clean label is impressive,” Fall Line Capital MD Eric O’Brien said. “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 lacklustre taste.”