Chunk Foods has received investment from Sigma Alimentos, a Mexican meat and dairy company. The deal will lead to the development of a new range of plant-based meats. The products will be distributed in Mexico and mark Chunk Foods’ entry into the Latin American plant-based foods market. The products will be introduced in select restaurants in Mexico City and Monterrey.
The agreement was made through Sigma’s plant-based arm, Better Balance. Helio Castaño, vice president for Sigma’s global plant-based business, expressed enthusiasm for the partnership, stating that it aims to meet the evolving consumer demands for taste, texture, ingredient transparency, and ease of preparation.
Amos Golan, the founder and CEO of Chunk Foods, also emphasized the significance of the collaboration, mentioning that it will enable the elevation of the plant-based category with innovative, delicious products that cater to the vibrant tastes and lifestyles of Mexico.
The partnership follows the closing of Chunk Foods’ $7.5m seed funding round, bringing the seed round total to $22m. The company has raised $24m to date, with investment from Cheyenne Ventures, Key1 Capital, E14 Fund, and the Footprint Coalition, in addition to Sigma.
Considering the injection received, Chunk Foods plans to continue expanding its commercial and operations teams in the US and obtain nationwide distribution, as well as increase local distribution partnerships. The company will also boost manufacturing capacity to meet demand and support growth across the United States.
In an interview with US news site Axios, Golan projected that business revenue will surpass $10m in the next 12 months. Chunk Foods currently sells its products in over 30 fine dining and casual restaurants in seven US states.
Sigma Alimentos is a prominent player in the food and beverage industry, known for its diverse product portfolio and vast international presence. Based in San Pedro, Mexico, Sigma operates in 18 countries worldwide, with numerous manufacturing facilities, distribution centers, and employees. It acquired a majority stake in Hispanic cheese and cream producer, Los Altos Food Products, in May.
