No Meat Factory raises $42m for alternative protein products

No Meat Factory, Canada’s plant-based alternative protein products producer, has raised $42 million in a series B funding round to increase the company’s footprint and manufacturing capacity in North America.

The round was led by new investor Tengelmann Growth Partners, with participation from existing investor Emil Capital Partners.

Dieter Thiem — No Meat Factory CEO and co-founder, 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.”

Founded in 2019, No Meat Factory produces plant-based alternative protein products for its brand partners through its BRC-certified plants in British Columbia.

No Meat Factory will commence operations of the company’s second manufacturing facility early this year, enhancing manufacturing capabilities for plant-based deli and sausage alternatives.

In 2019, Emil Capital Partners first invested in No Meat Factory during the latter’s formation.

Marcel Bens – Emil Capital Partners Managing Partner and Chief Operating Officer, said: “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,”

“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.”

Founded in 2011, Emil Capital Partners invests in early-stage growth companies while Munich, Germany-based Tengelmann Growth Partners is a family equity investor.