-73%

est. 2Y upside i

Series B

Simulate, previously known as NUGGS, is a food technology startup specialized in crafting plant-based meat alternatives. Established in 2018, the company has a diverse product lineup including NUGGS, a plant-based chicken nugget alternative, DISCS, a plant-based chicken patty, and a newly introduced plant-based chicken breast product dubbed "CHICKEN BREAST".

Rank

#3537

Sector

Food Technology

Est. Liquidity

~5Y

Data Quality

Data: Medium

The equity opportunity for Simulate is now entirely dependent on the success of Ahimsa Companies, which acquired Simulate in October 2024.

Last updated: March 10, 2026

Bull (25%)+150%

Simulate's brand and proprietary technology thrive under Ahimsa Companies' shared services model, leading to significant market share gains and strong profitability. Simulate becomes a star performer within Ahimsa's portfolio, contributing to Ahimsa achieving a multi-billion dollar valuation and a successful liquidity event, valuing Simulate's contribution at $625M.

Base (35%)+10%

Simulate maintains its market position and brand recognition within Ahimsa Companies, benefiting from operational efficiencies and cross-brand collaboration. Ahimsa Companies achieves moderate growth and a future liquidity event, with Simulate's contribution valued at $275M, slightly above its last independent valuation.

Bear (40%)-70%

The plant-based market continues to face headwinds, and Ahimsa Companies struggles with integrating its acquired brands, including Simulate. Simulate's products face increased competition and consumer resistance, leading to declining sales and profitability. Ahimsa Companies fails to achieve a successful exit, resulting in a significant loss of value for Simulate's contribution, estimated at $75M.

Est. time to liquidity~4.5 years

Preference Stack Risk

high

Funding Intensity

24%

Simulate had $61M in total funding on a $250M valuation, meaning investors held 24.4% of the company's valuation in liquidation preferences. This implies that in an exit at or below the $250M valuation, common stock could be significantly diluted or worthless for prior equity holders.

Dilution Risk

moderate

While Simulate itself faced funding difficulties leading to its acquisition, future dilution risk for new equity in Ahimsa Companies depends on Ahimsa's capital raising activities as it executes its roll-up strategy.

Secondary Liquidity

none

Ahimsa Companies is a private holding company, and Simulate is now a brand within its portfolio, so there is no active secondary market for its equity.

Questions to Ask at the Interview

Strategic questions based on Simulate's data — designed to show you've done your homework.

  • 1

    “How is Ahimsa Companies planning to integrate Simulate's 'software framework' for rapid product iteration into its broader portfolio, and what specific synergies are expected with other acquired brands like Wicked Kitchen and Blackbird Foods?”

  • 2

    “Given the challenging market for plant-based alternatives, what specific strategies is Ahimsa Companies implementing to drive profitability for Simulate and its other brands, especially considering Simulate's prior struggles that led to the acquisition?”

  • 3

    “Could you elaborate on the equity structure for new hires post-acquisition, specifically whether the equity is in Simulate (as a carve-out) or in Ahimsa Companies, and what the anticipated timeline for a liquidity event for Ahimsa might be?”

Community

Valuation Sentiment

Our model estimates -73% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.