Israeli startup Chunk Foods revealed that it raised $15M in seed funding in November, which the startup calls the “largest ever” seed funding round for an Israeli plant-based company. Powered by Fall Line Capital, The MIT E14 Fund and Robert Downey Jr.’s Footprint Coalition, will use the increase to build one of the world’s largest plant-based Whole Cut factories, slated for completion in the summer of 2023.
“There is a high demand for delicious and affordable plant-based whole cuts”
According to Chunk, the new state-of-the-art facility will be able to produce millions of plant-based steaks each year. Made with minimally processed ingredients, Chunk says its steak offers the same meaty bite, texture and umami flavor of conventional beef. Using fermentation technology, the company says it is able to create whole-cut products with only a handful of recognized ingredients and no preservatives, additives, cholesterol or GMOs.
The company’s steaks contain 25 grams of protein and are prepared using the same cooking methods as traditional beef. In 2022, Chunk Foods’ steaks were acclaimed at several notable US restaurants, including Coletta’s and Anixi in New York City.
“Hit all the marks”
“Prior to investing, we worked with several top-tier restaurant groups and tested the product in their test kitchens,” shared Steve Levin, a partner at The Footprint Coalition. “There was unanimous praise for the product – not just for the taste, texture and ease of preparation – but also for the ingredient list. The product hits all the marks.”
Founded in 2020, Chunk Foods was raised earlier Pre-seed funding $2M in a round led by venture fund Stray Dog Capital.
Talking about recent investments, Eric O’Brien, co-founder and managing director of Fall Line Capital shared, “We are thrilled to lead the seed round and embark on this journey with Amos and the rest of the Chunk team. Their innovative approach to creating plant-based meat products with exceptional texture and flavor while maintaining a clean label is impressive.
“Furthermore, the ability to provide them at an affordable price offers a unique opportunity to address gaps in the plant-based market, which is often criticized for its high cost, over-processed alternatives and lackluster taste.”
Chunk is one of a growing number of plant-based companies, with a focus on whole-muscle meat options, as opposed to the more common ground products found in juicy marbles, meaty and umami, burgers and chicken nuggets. In the United States, whole muscle cuts make up the vast majority of meat sales.
expertly crafted
“As climate and food crises become more pronounced, moving away from industrial animal agriculture is one of the greatest challenges of our time,” added Nir Goldstein, CEO of The Good Food Institute Israel. “Recent consumption patterns reveal that there is a high demand for tasty and affordable plant-based whole cuts. That is exactly what Chunk Foods has mastered”.
Amos Golan, CEO of Chunk Foods, said: “At a time where consumers are driven by the health and well-being of their food choices, while still demanding great taste, we are committed to meeting their growing expectations and revolutionizing eating habits. 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 all.”