Plant-Based Meat Company Tender Closes $11 Million Series A, Launches Partnership with Clover
June 17 2024 - 10:00AM
Tender Food Inc., a food technology startup based in Somerville,
Massachusetts, has successfully closed over $11 million in Series A
funding. Led by Rhapsody Venture Partners, with existing investors
Lowercarbon Capital and Safar Partners and new investors Claridge
Partners and Nor’easter Ventures, the additional funding will allow
Tender to further its goal of revolutionizing the way we produce
and consume meat.
Tender leapfrogs incumbent plant-based meat products, like
Impossible Foods or Beyond Meat. How? Their patented technology
spins plant protein fibers like cotton candy to create structured
cuts of meat. The result is hyper-realistic, nutritious,
affordable, products with simple ingredients, in any format - from
pulled pork to chicken breast to seafood to steak.
"Consumers are largely disappointed with plant-based meat
products in the market—they’re too expensive, they don’t taste
good, and are mostly limited to burgers and sausages with long,
unrecognizable ingredient lists. We need new technologies to
address these challenges and drive meaningful adoption in this
category, which is crucial for decarbonizing our food system. Our
technology allows us to create healthy products that taste great,
have the structure and feel of animal meat and are much cheaper to
produce.” said Christophe Chantre, co-founder and CEO.
Tender features its early products (beef short rib, pulled pork,
chicken breast, and crab) at a wide range of restaurants and
universities in the Boston area. Its latest partnership with Clover
Food Lab brought Tender products to all Clover locations in May
2024.
“We're a popular vegetarian chain, so, as you can imagine, we
try a lot of new plant-based products. Tender's stood out from the
start—it's innovative, it's tasty, it's a great addition to our
grain bowls and salads. And most importantly, we're hearing lots of
positive feedback from our customers—90% of whom are
meat-eaters!” said Chris Anderson, Senior Vice President at
Clover.
Tender aims to become the manufacturing platform for the
industry, replacing traditional extrusion and ultimately animal
agriculture. The latest funding will help the company scale up
capacity at its new facility to millions of pounds and
commercialize its first products at scale, while lowering
production costs even further.
“Our production costs are already low today and we have barely
started scaling,” says Chantre. “Offering products that compete
with animal meat on price is critical for this industry to grow.
Tender's technology solves this major challenge and will unlock
tremendous industry growth.”
In a move that underscores Tender’s ambition to shape the
industry, the company recently added Mike Messersmith, former North
American President of Oatly, to its board of directors. Messersmith
joined Oatly in 2017 and pioneered the company's US launch and
growth for over seven years, building the brand from zero to a US
oat milk category leader. His extensive industry experience further
strengthens Tender’s leadership team as they accelerate
commercialization.
About Tender Food. Tender Food is a food
technology company in the Greater Boston Area, a hub for biotech
research and innovation. Launched in 2020 by Harvard engineers,
Tender uses proprietary technology that spins plant fibers like
cotton candy to create whole cuts of alternative meat, including
pulled pork, chicken breasts, and beef short rib. The result is
delicious, affordable food that’s better for you, animals, and the
environment. Learn more at www.tenderfood.com.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/f74a15e1-c060-4142-8f3f-4b52d23fa4e8https://www.globenewswire.com/NewsRoom/AttachmentNg/5c07d9ef-2cee-40b6-a6db-c7048113814b
Media Contact:
Tim Fleschner
Head of Marketing, Tender
hello@tenderfood.com