CPE News (1.12.2023) – No Meat Factory has raised US $42 million in Series B funding led by Tengelmann Growth Partners with participation from existing investor Emil Capital Partners (ECP) who initially invested during company formation in 2019.
The Tengelmann Group is one of the world’s major retail companies. Also part of the group are the real estate company Trei Real Estate as well as Emil Capital Partners in the United States and Tengelmann Ventures and Tengelmann Growth Partners in Germany, which have been investing in start-up companies for several years.
Founded by Dieter Thiem and Leon Bell, Coldstream, British Columbia based No Meat Factory is a manufacturer of high quality, great tasting, vegan plant-based food products that provide consumers with variety for a healthier lifestyle.
No Meat Factory intends to use new funding to expand its production footprint in North America and build out its manufacturing capabilities to service the global market, increasing access to affordable alternative proteins for mainstream consumers. No Meat Factory will also continue to make significant investments in its global research and development organization that focuses on commercializing the latest innovations in alternative protein.
photo credit: No Meat Factory
News Release
No Meat Factory Secures $42 Million Series B Funding
Leading producer of plant-based alternative protein products plans to expand manufacturing capabilities in North America
January 12, 2023 10:00 AM Eastern Standard Time
VANCOUVER, British Columbia–(BUSINESS WIRE)–No Meat Factory, a leading plant-based alternative protein manufacturer, today announced it has closed a Series B funding round totaling $42 million USD. New investor Tengelmann Growth Partners led the round, with participation from existing investor Emil Capital Partners (ECP) who initially invested during company formation in 2019. With this latest funding round, No Meat Factory plans to expand its production footprint in North America and build out its manufacturing capabilities to service the global market, increasing access to affordable alternative proteins for mainstream consumers. No Meat Factory will also continue to make significant investments in its global research and development organization that focuses on commercializing the latest innovations in alternative protein.
“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,” said Dieter Thiem, CEO and co-founder of No Meat Factory. “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.”
No Meat Factory, through its state-of-the-art, BRC-certified facilities in British Columbia, produces plant-based alternative protein products for its brand partners, including meat alternatives for convenience products like nuggets and hamburgers and whole-muscle alternatives. Its second production facility, which will begin operations in early 2023, will further increase production capacity and provide additional manufacturing capabilities for plant-based deli and sausage alternatives.
“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.
“As more brands understand the need to provide customers with delicious plant-based alternatives, companies like No Meat Factory are poised to experience rapid growth and increasing demand for its manufacturing capabilities,” added Daniel Bentrup, Investment Partner at Tengelmann Growth Partners.
No Meat Factory co-founders Dieter Thiem and Leon Bell have over 65 years of combined experience in the plant-based food industry, particularly in plant-based meat production. As the global demand for plant-based meat continues to grow, constraints in production become more visible and challenging, presenting a problem that No Meat Factory is uniquely positioned to help solve. By leveraging the founders’ collective experience and connections built over tenured careers, the company offers the latest in manufacturing technology for cost-effective, high quality alternative protein production fueled by a global network of suppliers.
“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. “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. 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.”
About No Meat Factory
Founded in 2019, No Meat Factory is a manufacturer of high quality, great tasting, vegan plant-based food products that provide consumers with variety for a healthier lifestyle. Our products appeal to mainstream tastes targeting flexitarian consumers. No Meat Factory’s manufacturing and R&D advances provide the company with a competitive advantage allowing for high quality, cost effective, and great tasting vegan products to be introduced into the global food chain. For more information visit https://www.nomeatfactory.com/.
About Tengelmann Growth Partners
Tengelmann Growth Partners is a Munich, Germany, based family equity investor looking for majority investments into growth oriented small- to medium-sized companies. Tengelmann Growth Partners is active in Europe and North America and follows a “consumer centric” investment strategy aligned along long-term consumer trends. Leveraging from the internal and external network within the greater Tengelmann Group, Tengelmann Growth Partners is able to provide valuable insights, experiences and expert resources throughout a business’ lifecycle.
About Emil Capital Partners
Founded in 2011, Emil Capital Partners invests in early-stage growth companies in the consumer goods, consumer tech, retail, and digital media sectors. Recognized as one of the most active investment companies in the consumer space, ECP has partnered with more than 30 companies through its value-add investment approach. Representative past and present portfolio companies include Bare Snacks®, TCHO, Chef’s Plate, Persona, Ollie, Base Culture®, Cheribundi®, milk + honey®, Goodbelly®, Amour Vert, Zeel and Kidfresh. The fund is headquartered in Greenwich, CT. For more information visit www.emilcapital.com or follow us on LinkedIn.
Contacts
Media for No Meat Factory
Inquiries@nomeatfactory.com
Media for Tengelmann Growth Partners
Jela Götting
jela.goetting@tengelmann21.com
Media for Emil Capital Partners
Natalee Gibson
natalee@songuepr.com