Plant-based meat startup Chunk Foods recently completed the biggest seed round of funding ever for an Israeli plant-based protein company, securing $15 million.
Alternative proteins and cultivated meat have become a trendy and lucrative sector of the food-tech industry. A Good Food Institute report shows investment in Israeli food tech in 2022 was second only to the United States, representing 22 percent of the world’s total when it comes to funding of plant-based food technology.
The Tel Aviv-based company, which is using fermentation technology to develop its whole-cut meat analogs, said the funds will go toward the completion of its factory, said to be one of the largest in the world.
Among the investors participating in the Chunk Foods funding round were Hollywood actor Robert Downey Jr.’s company FootPrint Coalition, as well as Fall Line Capital, The MIT E14 fund and others.
Chunk Foods CEO Amos Golan said the company was “humbled” to have the financial backing of such high-profile investors.
“At a time in which consumers are driven by health and wellbeing in their food choices, while still demanding great taste, we are committed to meeting their rising expectations and revolutionizing eating habits,” he said.
Chunk Foods’ plant-based steak alternatives have already reached the menus of several restaurants in New York City and Los Angeles.
FootPrint Coalition’s Partner Steve Levin said that prior to investing in Chunk Foods, the company consulted with restaurant groups and tried the product in their test kitchens. “There was unanimous praise for the product – not just in terms of taste, texture and ease of preparation – but also in the list of ingredients. The product hits all the marks.”
Good Food Institute Israel CEO Nir Goldstein added: “As the climate and food crisis become more and more imminent, shifting away from industrial animal agriculture is one of the greatest challenges of our time. Recent consumption patterns reveal that there is a high demand for delicious and affordably priced plant-based whole cuts. This is precisely what Chunk Foods has expertly crafted.”