Post by Stray Dog Capital

The collapse of Meati last year raised hard questions about the future of whole-cut alternative meat. The short answer: the technology isn't the problem. The business model is. AgFunderNews just published a deep profile of our portfolio company Chunk Foods that makes exactly that case — and the numbers back it up. Chunk grew revenues 140% in 2025 and is projecting another 100% this year. They've secured retail listings at Whole Foods, Sprouts, and H.E.B., and their products are now in 3,000+ locations across the US including Sysco, US Foods, and Chefs' Warehouse. Company-level profitability is targeted for late 2027. What makes Chunk's model fundamentally different from Meati's: 🔹 Solid-state fermentation vs. submerged fermentation. Chunk ferments soy flour directly — the medium being fermented is itself the food. No liquid separation, no wastewater disposal, no $300M facility required before the first product ships. 🔹 Capex scales with demand. Chunk can add capacity incrementally as the market grows, rather than betting everything on a single large infrastructure investment. 🔹 The product itself is genuinely differentiated. 25g protein, 3g fiber, just 160 calories per 4oz serving. No binders or gums. A proprietary process that controls fiber direction, thickness, juiciness, and color — producing a whole-cut experience that holds fat and water until it's released in your mouth. 🔹 The price gap is closing. Chunk retails at roughly $16–24/lb. Ground beef that was $4/lb five years ago is now over $6. The value conversation is shifting. As CEO Amos Golan puts it: "Chefs are not necessarily looking for a vegan steak; they're looking for solutions for problems." That framing — product-first, problem-solving, unit economics grounded — is exactly what we look for when we back a company for the long haul. Proud to be on this journey with the Chunk Foods team. 📖 Full profile via AgFunderNews: https://lnkd.in/eH-rHeYJ #ChunkFoods #AlternativeProtein #PlantBased #FoodTech #StrayDogCapital #FoodInnovation #Fermentation #FutureOfFood