Meati Raises $150 M To Expand Production and Access To Mushroom Root Alt-Meat
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.
The round, announced today, was led by Revolution Growth, with participation from a mix of new and existing investors including Grosvenor Food & AgTech and Cultivate Next, Chipotle Mexican Grill’s new venture fund. Meati is part of the inaugural cohort of brands receiving investment from the fund. The deal will also see Fazeela Abdul Rashid, a partner at Revolution Growth, join Meati’s board.
Earlier this week, the company announced its retail debut in select Sprouts Farmers Market stores in Colorado as it prepares for a national rollout with the retailer later this year. It is also expanding its foodservice presence, rolling out to all nine locations of fast casual chain Birdcall across Colorado and Arizona. According to Meati, the new funding will be put toward the completion of its 100,000 sq. ft. Mega Ranch production facility which has the capacity to produce “tens of millions of pounds of product annually.”
“The continued growth and momentum that Meati is experiencing underscores how differentiated and scalable our products and vision are,” said Meati Foods CEO and co-founder, Tyler Huggins, in a press release. “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.”
The investment will also be used to support Meati’s national omnichannel strategy which the company believes it can execute by 2023. That plan includes new product innovations and its new Giga Ranch production facility, which is capable of producing “hundreds of millions of pounds” of alt-meat each year. The plant has been designed to be replicable on a global scale as Meati pursues an international presence for its plant-based products.
Meati’s flagship whole-cut alternative meat product is composed almost entirely of mushroom root ingredient mycelium (95%) in addition to seasonings and natural flavors. The products contain 17 grams of protein and 12 grams of dietary fiber in addition to nutrients such as iron, zinc and vitamin B12. The product is made via fermentation in stainless steel tanks at its Pilot Ranch facility in Colorado.
“Meati is poised to be the leader in this large and growing category with a capability to produce plant-based meats in whole-cut form with a clean ingredient list,” said Rashid, in a press release. “The company is meeting an unmet demand for products that are delicious, healthy, and good for the planet. We’re thrilled to partner with Tyler and the full team as the company expands its production and tackles real-world issues of food security and sustainability.”
