Meati

Meati has been on a winding, hazardous decade-long road to defining its place in the market. But in moving beyond its original “mushroom root” positioning, the brand may have finally found itself.

The novelty of a “bleeds-like-meat” burger seems to have worn off for consumers, investors and the industry alike. As CPGs at-large turn to formulate with simpler and shorter ingredient decks, the meat alternative category is following along.

Meati announced a trio of big moves today, headlined by the closing of a $100 million investment led by Grosvenor Food & AgTech.

Just two weeks into his tenure as CFO at Meati, Phil Graves is getting a promotion. The mycelium root-based protein company this week elevated Graves, a former Patagonia exec, to CEO, following the departure of president/COO Scott Tassani earlier this month.

Meati has added two more world-class athletes to its investor group, announcing this morning former Olympian Aly Raisman and NBA All-Star Chris Paul as the latest names to get behind the mycelium-based food startup.

In a “incredibly difficult,” mycelium-based alt meat brand Meati has restructured its 300 person company, laying off 30 employees and moving another 30 into new roles as it seeks to prioritize profitability.

Mycelium-based food startup Meati is rumored to have raised a $50 million Series C extension round. Investors include Bond, Congruent Ventures and Revolution Growth, among others.

Meati Foods, the producer of delectable, animal-free meats crafted from the company’s unique, whole-food MushroomRoot, announced the appointment of food and agriculture luminary Nicole Johnson-Hoffman to its Board of Directors.

Meati is cutting its workforce by about 5%, affecting about 17 employees of the 300-person company less than six months after the mycelium-based protein company opened a new 100,000 sq. ft. production facility.

The Good Food Institute’s yearly report on the fermentation-based food industry showed a growing market share in new protein alternatives but a lack of funding and production capacity hampers widespread adoption.

Cell-cultivated protein companies appear to be locked in a race to build commercial-scale production plants, even as the industry awaits full regulatory approval from both the FDA and the USDA, reflecting the long and complex road towards widespread commercialization and price-parity with conventional meat and seafood.

In this week’s roundup: FDA Food Policy and Response Commissioner Frank Yiannas resigns; Flashfood expands to new Stop & Shop locations; Bipartisan SHIP IT Act is introduced to Congress; Meati opens the Mega Ranch; and Tyson CFO pleads guilty.

Regardless of what it’s called – plant-based, alternative, animal-free, fake meat – 2022 saw plenty of money and movement in the category of non-animal-derived protein. Check out the timeline for highlights from the emerging and tumultuous industry.

Plant-based meat maker Meati has added another $150 million to its war chest to expand production capacity and increase accessibility to its mushroom-root alternative meat product. The company had previously raised a total of $127 million and today’s announcement nearly doubles that, bringing its total funding to approximately $277 million to-date.