Seattle Food Tech, a startup that creates plant-based “chicken” nuggets, has raised a fresh $1 million in capital from investors including Liquid 2 Ventures, Sinai Ventures Fund, Uphones Capital and VegInvest (h/t Food-Navigator). This brings the total amount raised by Seattle Food Tech to $2 million.
Seattle Food Tech separates itself from other alterna-meat companies like Beyond Meat and Impossible in a few ways. First, the company uses a specialized means of production to better replicate the texture of “real” chicken nuggets through a combination of wheat, oil, chicken flavoring and more. The company says it can implement this manufacturing at large scale production.
Large scale production is important, as unlike its competition, Seattle Food Tech is not going after the consumer market and instead targets commercial customers like school and hospital cafeterias. As my colleague, Catherine Lamb wrote earlier this year:
By opting not to sell their nuggets as a CPG, Seattle Food Tech would be able to offer them at roughly the same cost as meat — around $2 per serving. Lagally says that eventually, once they get their volumes up, they might consider putting their products in large grocery stores, such as Walmart and Costco.
Since the time of that article, Seattle Food Tech’s B2B go-to market strategy remains a smart one as competition in the fake meat space has certainly become more fierce. Next year Beyond Meat will go public, and Impossible will bring its heme-burgers to grocery store aisles. Beyond is already rapidly expanding its product line, and by sticking with institutional customers, Seattle Food Tech can sidestep costly marketing battles with better funded companies.
That strategy seems to be already paying off. Even though Seattle Food Tech has only been around for nine months, the company said in a press release that it will start delivering alterna-nuggets to select customers this month.
We had a chance to taste Seattle Food Tech’s nuggets at our recent Smart Kitchen Summit show here in Seattle, and they were actually pretty good! You can check out the company’s Founder and CEO, Christie Lagally in this video from the Summit, talking about the future of meat: