Simulate has raised $50 million in Series B funding, as it looks to accelerate the growth and product development of its Nuggs plant-based chicken brand.
Software-enabled venture firm Seven Seven Six led by the round and was joined by Chris & Crystal Sacca, Imaginary Ventures, Day One Ventures and previous investors Nomo Ventures and McCain Foods.
Simulate’s first product Nuggs (formerly the start-up’s name prior to a rebrand last year) is a chicken nugget simulation made from texturised pea protein, which launched back in summer 2019.
The product is now available at more than 5,000 retail locations including Walmart, Target and Whole Foods Market and the company says it is adding an additional 10,000 retail locations by the end of this year.
Simulate has since expanded its line-up to also include Spicy Nuggs and Discs (plant-based chicken patties).
The New York-based company plans to use the funding to triple its internal team, accelerate the development of new products and technologies, as well as scale its manufacturing capabilities.
In addition to increasing its retail and foodservice presence, Simulate also intends to use the capital to continue its expansion into international markets. Most recently, the brand launched into Canada.
“Historically our food system has rejected the use of technology, resulting in a system that is highly inefficient and primitive,” said Ben Pasternak, Simulate co-founder and CEO. “This new funding will be used to create and protect the intersection of technology and nutrition.”
Following the round, Alexis Ohanian, founder of Seven Seven Six, joined Simulate’s board of directors.
He said: “Ben, Sam, and the entire team’s commitment to rapid product iteration and building products that can infinitely scale is why we’re backing Simulate. The best technology companies that I’ve invested in over the past decade have operated with similar principles, and we’re excited to see Simulate grow into one of the highest impact nutrition companies on the planet.”
© FoodBev Media Ltd 2020
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