Canadian plant-based protein manufacturer, No Meat Factory, has secured $42 million in a Series B funding round.

The round was led by equity investor Tengelmann Growth Partners and included participation from Emil Capital Partners.

No Meat Factory’s plant-based beef strips.

No Meat Factory plans to use the capital to expand its production footprint in North America. It will also continue making “significant investments” in its research and development capabilities.

The Canadian company produces plant-based protein products – such as meat alternatives – in British Columbia for brand partners. No Meat Factory says that its second manufacturing facility, which will begin operations this year, “will further increase production capacity and provide additional manufacturing capabilities for plant-based deli and sausage alternatives”.

CEO and co-founder, Dieter Thiem, said: “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. 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.”

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