January 18, 2023

photo credit: No Meat Factory

By Lynda Kiernan-Stone, Global AgInvesting Media

Alternative, plant-based protein company No Meat Factory announced the close of a $42 million Series B led by new investor Tengelmann Growth Partners.

Existing investor Emil Capital Partners (ECP), who initially invested in the company upon its launch in 2019, also participated in this round. 

Company co-founders Dieter Thiem and Leon Bell have a combined 65 years of experience in the plant-based food industry, particularly in regard to plant-based meats – something that the company stated it can leverage to give it a decided advantage when faced with unique problems needing to be solved. 

“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 COO, ECP. 

Patrick Schaich, investment partner, Tengelmann Growth Partners, added, “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.”

Through its state-of-the-art, BRC-certified facilities in British Columbia, No Meat Factory produces plant-based alternative protein products for its brand partners, including alternative meat nuggets, burgers, and whole-muscle options.

The company also expects its second production plant to go on-line early this year, which will further increase its capacity and allow it to expand into plant-based deli and sausage alternatives. 

This latest funding will be used to further this strategic growth and to expand the company’s production footprint in North America, while also providing the capital for significant investments in its global R&D organization, which focuses on commercializing the latest innovations in alternative proteins. 

“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, 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.”

Daniel Bentrup, investment partner, Tengelmann Growth Partners, 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.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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