Daring, which makes realistic plant-based chicken analogues, this week announced a $40 million Series B funding round. According to a press release sent to The Spoon, D1 Capital Partners led this round, with participation from Maveron, Palm Tree Crew, and the Canadian rapper Drake.
Daring said it will use this most recent funding round to triple the size of its team. Additionally, the company will grow its presence in foodservice and retail channels, as well as focus on product development.
The main ingredients in Daring’s alternative chicken pieces are quite simple: water, soy protein concentrate, and a variety of spices and herbs depending on the flavor. Due to the use of soy, the product boasts 13 grams of protein in one serving. Currently, Daring chicken pieces come in four flavors: lemon & herb, cajun, breaded, and original.
The U.S. is the largest producer of poultry and the second-largest exporter of poultry in the world. Americans also consume more poultry than beef, pork, and other meats. But with veganism continuously on the rise in the U.S., there will be an increasing demand for plant-based chicken products.
Several other startups in the U.S. are focused on crafting plant-based chicken products. Nowadays, a newer start-up, recently raised $2 million in a pre-seed round of funding for its plant-based chicken nuggets. Nuggs also makes chicken nuggets, but announced last year it would also focus on creating alternative hot dogs. Rebellyous originally began with its only product being chicken nuggets, but has expanded its product line to include alternative chicken patties and tenders. Besides these startups, there are also large players like Gardein and Quorn that offer a variety of alternative chicken products.
Towards the end of last year, Daring raised $8 million in its Series A round, and used this capital to expand to 1,000 more retailers in the U.S., including Sprouts, Costco, Wegmans, and Kroger. Online, Daring’s products can be purchased on its website and via Imperfect Foods. The company plans on expanding to more retailers in the upcoming months.