VANCOUVER, BC. — Plant-based alternative protein producer No Meat Factory has raised $42 million in a Series B funding round.

The round was led by venture capital firm Tengelmann Growth Partners and included continued participation from Emil Capital Partners, an investor since the company’s founding in 2019.

“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, chief executive officer 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.”

The company plans to use the funds to further develop its commercialization process and invest in global alternative protein research, building on its current portfolio of soy, wheat, pea, oat, pumpkin, chickpea and rice-derived protein ingredients.

Funding from the round also will go toward expanding No Meat’s manufacturing capabilities in North America and supporting the construction of its second production facility set to open in early 2023.

The new facility will expand the company’s current line of alternative protein products produced for brand partners, such as nuggets and hamburgers, to include deli and sausage alternatives.