Vancouver-headquartered No Meat Factory, a vegan plant-based alternative protein manufacturer, has raised $42 million in Series B financing.
Tengelmann Growth Partners led the round, with participation from existing investor Emil Capital Partners.
Founded in 2019, No Meat Factory, through its state-of-the-art, BRC-certified facilities in British Columbia, produces plant-based alternative protein products for its brand partners, including meat alternatives for convenience products like 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.
The proceeds of the round will be used by No Meat Factory to expand its production footprint in North America and build out its manufacturing capabilities to service the global market. It 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,” said Dieter Thiem, CEO and co-founder of No Meat Factory, in a statement. “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 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,” said Patrick Schaich, an investment partner at Tengelmann Growth Partners.
Based in Munich, Germany, Tengelmann is a family office that makes majority investments in growth-oriented, consumer-centric small businesses.