Chunk Foods, a producer of plant-based proteins, has secured an additional $7.5 million in seed funding to introduce new products to the market, CEO Amos Golan revealed exclusively to Axios.
Key points: This new funding round is led by Cheyenne Ventures, bringing the total seed funding to $22 million. Chunk Foods has now raised over $24 million in total funding, with contributions from Fall Line Capital, The MIT E14 fund, Key1 Capital, and Robert Downey Jr.’s FootPrint Coalition.
Financial outlook: Chunk expects its revenue run rate to reach the millions by the end of the year, with projections exceeding $10 million for the following year.
Additionally, the company has entered into an investment and collaboration agreement with Sigma Alimentos’ Better Balance brands to develop a range of plant-based, whole-cut meats. These co-branded Chunk products will be available in Mexico’s food-service and retail channels, marking Chunk’s debut in Latin America.
Future plans: In addition to serving fine dining and fast-casual restaurants, Chunk intends to expand into the retail sector, according to Golan.