The company said Germany-based Tengelmann Growth Partners, a new investor, led the round. Existing investor Emil Capital Partners also participated. (The Logic)

Talking point: Founded in 2019, No Meat Factory plans to use the money to expand its North American production and build out its manufacturing to serve a global market. The company has one production facility in B.C. and plans to open a second, likely in the U.S. Pacific Northwest, later this year. Plant-based protein companies gained popularity several years ago promoting vegetarian options that look and taste like meat. One of the most notable names, Beyond Meat, raised US$240 million in its 2019 initial public offering with shares rising more than 160 per cent in their debut. But the industry has struggled recently with rising inflation and stagnating sales. Beyond Meat’s shares now trade near its record low and well below its triple-digit peak.