The strategic collaboration follows a $7.5 million seed extension for Chunk Foods led by Cheyenne Ventures, which the startup says reflects “ongoing investor confidence” in its vision as well as the potential of plant-based whole cuts. The extension brings the seed round to a total raise of $22M, making it one of the largest seed rounds in the alt protein category, according to the company.
“Together with Better Balance, we are elevating the plant-based category”
Through the alliance, Chunk is set to develop a new line of co-branded plant-based whole-cut meats, marking its entry into the Latin American market, where the cobranded whole cuts are reportedly already available for Mexican foodservice.
Testament to growing interest in plant proteins
Says Chunk Foods’ media announcement, the move is “testament to the growing international interest in high-quality plant-based proteins,” and that the strategic alliance “will provide Better Balance access to Chunk’s cutting-edge products, allowing it to extend the category to a wider and more diverse audience.” It goes on to state that the partnership marks a “commitment to innovation, sustainability, and an expansion of the premium plant-based market.”
Founded in 2020, Chunk Food offers 4-6 ounce plant-based steaks in filet, cubed, and pulled beef formats for the foodservice market. The steaks are produced utilizing solid-state fermentation technology, with a current focus on beef and with further plans to later develop pork, lamb, and poultry.
Chunk Foods raised $15 million in April of last year in what it claimed to be the biggest-ever seed funding round for an Israeli plant-based company. The total raise including previous rounds backed by investors including Fall Line Capital, The MIT E14 fund, Cheyenne Ventures, Better Balance, Key1 capital, and Robert Downey Jr.’s FootPrint Coalition, amounts to over $24 million.
Success during the 2023 slump
Speaking to vegconomist in interview at the time, Golan stated that the response was overwhelming. “Actually, it was so good that we decided to open the Tampa location earlier than expected. We knew this announcement was historic, marking the first time a traditional steakhouse chain in America is serving a plant-based steak, but I’d be remiss to say we expected this type of international media attention. It’s truly been incredible, and positions Chunk as a global leader in the space.”
Since then, Chunk has launched its popular steak at Neat Burger in Manhattan, and extended its partnership with the Talk of the Town Restaurant Group with the addition of its steaks at Vito’s Chop House, Fishbones, and a third Charley’s Steak House location.
“Untapped potential waiting to be discovered”
“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,” he adds.
“It’s an honor to embark on this exciting journey with Better Balance, known for its commitment to delivering high-quality products,” said Amos Golan, founder and CEO of Chunk Foods. “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.”