Daring Foods has announced an $8 million funding round led by investment group Maveron with participation from Stray Dog Capital and Palm Tree Crew Investments.
The funding will be used to increase plant capacity. The company produces frozen plant-based chicken pieces that are available online and through the number of high-end retail stores with a green image. Plant-based chicken substitutes are derived from soy protein, sunflower oil and spices.
In commenting on the investment, Ross Mackay, Co-Founder and CEO stated, "this gets us a huge step closer to mitigating the negative impact of the poultry industry on the planet and human health”. This may represent the overriding passion of the founder but is an example of unrealistic puffery. There are no health problems associated with commercial chicken that is correctly prepared. The production of chicken products represents a sustainable source of protein.
For the edification of Mr. Mackay, one third of the market capitalization of Tyson Foods, and the combined capitalization of Sanderson Farms and Pilgrim's Pride representing close to 50 percent of U.S. production amounts to $14.3 billion. Daring Foods can only aspire to achieve prominence in a small niche market, facing extreme competition and despite unsubstantiated claims will certainly not move the needle on global warming, climate change or conservation of resources.