Plant-based startup Tender secures multi-million dollar investment to further its meat alternative mission
A Massachusetts-based food technology firm developing meat alternatives from plant proteins has secured an $11 million investment that will help take its mission of creating better plant-based options to new heights.
Tender Food Inc., which was formerly known as Boston Meats, is focused on developing structured cuts of alternative meat made by spinning plant proteins into fibers similar to cotton candy. This novel production method aims to deliver improved taste, texture, nutrition and cost when compared to other plant-based meat products currently on the market.
The four-year-old startup has already seen some success, with some of its products now available in restaurants and universities around Boston. A new contract will bring Tender Food’s plant-based ‘pork’ and other items to over a dozen locations of a popular vegetarian chain in the area. Encouraging initial sales and the promise of its production technology helped attract the new round of funding.
Investment firm Rhapsody Venture Partners led the $11 million Series A round, joined by previous backers including Lowercarbon Capital and Safar Partners as well as new investors Claridge Partners and Nor’easter Ventures. This influx of capital from experienced investors will assist Tender Food as it moves from an R&D focus to commercialization, scaling up manufacturing to meet rising demand.
Funds will go towards further product development work and increasing co-manufacturing capabilities to produce millions of pounds annually. The company’s CEO expressed hopes to eventually license its fiber-spinning technologies to other players in the plant-based food sector. A new board appointment of an Oatly veteran also signals Tender Food’s evolution to an operational phase concentrating on commercial growth.
As consumer interest in more sustainable and healthy dietary options rises, innovative food tech firms developing affordable and appealing plant-based meat alternatives stand to make an impact. This latest round of funding provides Tender Food the means to take another step towards realizing its vision of enhancing such options through continued technological advancement.
