Chunk Foods Secures 75m For Latin American Expansion
The collaboration marks Chunk Foods‘ first foray into the Latin American market, integrating its plant-based proteins into Sigma’s Better Balance product line in Mexico.
Last April, Chunk Foods announced $15 million in seed funding, raising its total funding to $24 million. The company, founded four years ago, employs fermentation technology and microorganisms to transform soy and wheat into steak-like filets.
The plant-based sector saw a downturn in venture capital investment in 2023, yet Chunk Foods remains optimistic. CEO Amos Golan envisions 2023 as a breakout year for the industry and his company. He notes a shift in consumer acceptance and availability of plant-based options, citing a growing presence in mainstream restaurants.
With its products nearing price parity with traditional animal-based options, Chunk Foods has successfully introduced its plant-based steaks in U.S. establishments, including Florida’s Charley’s Steak House chain. The past year has seen the company double in size, open a manufacturing facility, and launch new products.
The latest funding round, led by Cheyenne Ventures, will fuel expansion of commercial and operations teams in the U.S., aiming for nationwide distribution and increased local partnerships. Manufacturing capacity will also grow to meet rising demand.
While Golan did not disclose specific revenue figures or the company’s valuation, he affirmed that it exceeds previous levels, reflecting investor confidence in Chunk Foods’ market traction and the potential of the plant-based whole cuts sector.
