Faux-chicken maker Simulate is valued at more than US$250m
via The Business Times (Singapore) - Jun 08, 2021
[NEW YORK] Simulate, a startup that makes faux-chicken nuggets with ambitions to expand into other meat alternatives, raised US$50 million in a funding round led by Reddit co-founder Alexis Ohanian's venture firm Seven Seven Six.
Other investors include Chris Sacca and Crystal Sacca, Nomo Ventures, McCain Foods, Imaginary Ventures and Day One Ventures, Simulate Chief Executive Officer and co-founder Ben Pasternak said in an interview. The round values Simulate at more than US$250 million, according to a person with knowledge of the matter.
The fresh funding will be used to accelerate new product development; triple the company's employee base with the addition of scientists and engineers; scale manufacturing and increase its retail and food-service presence. The New York-based company also plans to expand internationally, first in Canada.
"The use of animals is one of the largest inefficiencies in the food system and not sustainable for the planet, an idea that's now part of collective consciousness," said Mr Pasternak, 21...