Meati Beefs Up Investor Roster With Athletes Chris Paul and Aly Raisman
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.
Founded in 2017, Meati produces a portfolio of cutlets, steaks and snacks composed almost entirely of mushroom root (95%) in addition to natural flavors and seasonings. Since making its retail debut in 2023, the brand has expanded to over 3,000 stores nationwide such as Whole Foods Market, Sprouts, Super Target and Albertsons.
Raisman and Paul join Meati’s growing roster of investors and partners that also includes MLB Hall of Famer Derek Jeter, chef and restauranteur Tom Colicchio, TV personality Rachael Ray, and Sweetgreen co-founders Nicolas Jammet and Jonathan Neman.
“World-class athletes like Chris and Aly choosing to invest in our company reinforces that we are introducing a powerful, new whole-food staple worthy of fueling everyone including those most discriminating about what they eat,” said Scott Tassani, Meati president and COO, in a statement.
Paul has become a prolific investor in plant-based companies, backing brands such as Beyond Meat, Eat Just and Koia. In a press release, he said he considers a variety of factors – from the quality of the products to how his values align with the brand – when thinking about investment.
“Meati and I share an understanding that building something great involves being willing to put in the work,” said Paul in the release. “We also agree that nutrition has to taste good and be good for you.”
In an Instagram video, Raisman echoed the sentiments, saying she commends the nutrient density of Meati’s products as someone who has “realized how much better I felt mentally and physically when I [eat] real whole foods.”
Despite raising a $50 million “economic cushion” earlier this year, Meati most recently trimmed another 10% of its workforce (approximately 60 roles) and announced plans to shutter its Boulder, Colorado pilot plant in an effort to prioritize profitability. The news came just three months after the brand cut back its workforce by 5% in June.
A Meati spokesperson previously told NOSH the cuts were a “necessary part of ensuring we achieve a sustainable business model.” However, despite the retraction of positions at the company, Meati expects to grow its team with nearly 100 additional roles opening up near-term to expand production.
Looking ahead, the mycelium-based food startup will continue to focus primarily on brick-and-mortar expansion, with plans to double its store count in Q1 2024. Meati’s newly-added innovations – Crispy Bites, Spicy Chicken Cutlet, Garlic & Black Pepper Steak and Italian Seasoned Cutlet – are set to make their retail debut in the first half of the new year.
“After an exciting 2023, we are preparing for an even bigger 2024, and the insights Aly and Chris have to share, and the insights Aly and Chris have to share will be invaluable as we continue to scale,” said Tassani in the release.
