The company behind Eat Meati’s whole-cut meat substitutes, Meati Foods, has raised $150M in Series C funding to increase the availability and production of the brand’s whole-food, mushroom root proteins.
“The continued growth and momentum that Meati is experiencing underscores how differentiated and scalable our products and vision are.”
The money will be used to finish the company’s 100,000 square foot Mega Ranch in Thornton, Colorado, which will produce tens of millions of pounds of Meati protein annually and will start shipping goods in late 2022. Additionally, by diversifying the company’s portfolio and establishing an omni-channel presence by the end of 2023, the fundraising will support the company’s quick expansion. Meati also intends to start construction on a “Giga Ranch,” a single facility capable of producing hundreds of millions of pounds of goods per year.
Chipotle Mexican Grill’s new venture fund Cultivate Next joined the round, which was led by Revolution Growth, with support from additional new and existing investors.
Better plant-based meat
Meati recently started to speed up the growth of its online and in-store retail presence with the goal of becoming a market leader in plant-based meat by 2025. Meati’s whole-cut, mycelium-based chicken and steak, which were first introduced to DTC in March, were rapidly out of stock on the company’s website. With a planned national rollout later this year, the business this week announced a regional debut at Sprouts Farmers Markets in the Denver-Boulder, Colorado, region.
According to the brand, Meati’s products offer “superior” taste and texture while preserving a whole-foods composition because they are made from 95% mycelium, the mushroom’s root structure. Up to 17 grams of complete protein, 12 grams of fiber, plus minerals like zinc and vitamin B12 can all be found in one meal.
Momentum for our planet
“The continued growth and momentum that Meati is experiencing underscores how differentiated and scalable our products and vision are… Revolution Growth and our new and existing investors bring not just the financial firepower and ethos alignment, but deep and diversified expertise that will be instrumental in building a brand and organization that will truly change how people eat in a way that’s better for our bodies and better for our planet,” said Meati Foods CEO and co-founder, Tyler Huggins.
Source: “Meati Foods Raises $150M in Series C Round Backed by Chipotle Mexican Grill” by vegconimst
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