No Meat Factory Closes a $42 Million Series B Funding Round

Canada’s No Meat Factory has announced the closing of a $42 million Series B funding round to help accelerate its plant-based meat production.

The new financing was led by new investor Tengelmann Growth Partners. Existing investor Emil Capital Partners also participated.

No Meat Factory, which launched in 2019, says it plans to expand its plant-based meat production footprint across North America with the fresh funding as well as work to expand globally.

Plant-based production

The company currently develops plant-based products including nuggets, burgers, and whole muscle meats for its brand partners through its BRC-certified facility in British Columbia. It’s bringing a second facility online this year which will enable increased production and new product capabilities including deli slices and sausages.

“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,” Dieter Thiem, CEO and co-founder of No Meat Factory, said in a statement. “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.”

Thiem co-founded No Meat Factory alongside Leon Bell; combined, the two bring more than 65 years of experience in the plant-based food industry – specifically in plant-based meat production.

Rapid growth ahead

“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,” said Patrick Schaich, Investment Partner at Tengelmann Growth Partners.

Daniel Bentrup, Investment Partner at Tengelmann Growth Partners, says No Meat Factory is poised to experience “rapid growth” and increasing demand for its manufacturing capabilities as consumers continue to seek out plant-based successors to conventional animal products.

“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 Chief Operating Officer of ECP.

No Meat Factory says part of the funding will also support its expansion into new territories, namely food service. Recent data from Sodexo showed an uptick in plant-based menu items across its U.K.-based food service partners.

“We will continue to work closely with Dieter and the team to offer our guidance, expertise and connections as No Meat Factory executes its vision to offer truly high-quality plant-based protein products globally,” Bens said. “We’re highly optimistic for the future of No Meat Factory as they plan to evolve beyond servicing brand owners and pursue private-label and foodservice opportunities more broadly.”