Chunk Foods has entered into an investment and collaboration agreement with fellow plant-based food company Better Balance.
The partnership will see the development of a new range of plant-based whole cut meats, providing Better Balance access to Chunk’s products and allowing it to extend the category to a wider and more diverse audience. The co-branded Chunk Foods products are available for foodservice in Mexico.
Founded in 2020 and based in Israel, Chunk manufactures and markets plant-based whole cuts that are minimally processed and free from thickeners, binders and additives. The brand’s clean label plant-based beef cuts contain 25g of protein and no cholesterol or GMOs.
The announcement follows Chunk Foods’ securement of an additional $7.5 million in seed funding led by Cheyenne Ventures. The new injection of capital totals Chunk’s seed round at $22 million.
Including prior funding rounds, Chunk Foods has secured over $24 million from investors such as Fall Line Capital, the MIT E14 fund, Key1 Capital, Cheyenne Ventures, Better Balance and FootPrint Coalition.
Better Balance is a plant-based subsidiary of global food processing company Sigma Alimentos, headquartered in Mexico.
The company’s VP for plant-based global, Helio Castaño, said that the plant-based segment remains “incredibly enticing, with substantial untapped potential waiting to be discovered”.
He added: “Better Balance aims to meet the evolving consumer demands for taste, texture, ingredient transparency and ease of preparation. The collaboration with Chunk will enable the exploration of exciting new alternatives in the premium segment which are aligned to this purpose.”
Amos Golan, founder and CEO of Chunk Foods, commented: “It’s an honour to embark on this exciting journey with Better Balance, known for its commitment to delivering high-quality products”.
“Together with Better Balance, we are elevating the plant-based category with innovative, delicious products that cater to the vibrant tastes and lifestyles of Mexico.”
© FoodBev Media Ltd 2024
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