Startup Producing Plant-Based Steaks Pulls In $15M
A startup that specializes in developing plant-based steaks has raised $15 million, with investors including Iron Man himself, American actor Robert Downey Jr.
Chunk Foods says it is the biggest seed round of funding ever for an Israeli plant-based company. Among its investors is the FootPrint Coalition, the climate tech venture capital company founded by Downey.
The process uses fermentation technology – chemical processes caused by organisms like bacteria, yeasts and fungi – to turn soy and wheat into proteins. Each plant-based steak has 25 grams of protein and is prepared using the same cooking methods as traditional beef.
Chunk Foods’ plant-based steak alternatives have already found their way onto the menus of several restaurants in New York City and Los Angeles.
The company says its products are able to replicate the texture, color and taste of traditional meat, including the thickness of the fibers and juiciness of the cut, while maintaining a smaller list of ingredients than other plant-based meats, with no preservatives, additives, cholesterol or GMOs.
The new funds are being used to construct one of the biggest plant-based meat factories in the world. The Israeli facility will be completed this June, and will be capable of manufacturing millions of steaks annually.
“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,” said Chunk Foods CEO Amos Golan.
“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.”
Chunk Foods was founded in 2020, and is based in Tel Aviv.