Meati Foods, the creator of Eat Meati whole-cut meat alternatives, has raised $150M in Series C funding to expand the production and accessibility 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 funds will help complete the company’s 100,000 sq. ft. Mega Ranch in Thornton, CO, which will begin to ship product in late 2022 and is capable of producing tens of millions of pounds of Meati protein each year. Additionally, the raise will support rapid growth through portfolio diversification and creating an omni-channel footprint by the end of 2023. Meati is also planning to break ground on a “Giga Ranch” – a single facility that can produce hundreds of millions of pounds of product annually.
Led by Revolution Growth, the round included participation from Chipotle Mexican Grill’s new venture fund Cultivate Next, with additional support from new and existing investors.
“Superior taste and texture”
Aiming to become a leader in plant-based meat by 2025, Meati has recently begun to accelerate its retail presence online and in-stores. First launched DTC in March, Meati’s whole-cut, mycelium-based chicken and steak quickly sold out on the brand’s website. This week, the company announced a regional launch at Sprouts Farmers Markets in the Denver-Boulder, CO area, with a nationwide release expected later this year.
Made from 95% mycelium, the root structure of mushrooms, Meati’s products offer “superior” taste and texture while maintaining a whole-foods composition, the company states. Each serving contains up to 17 grams of complete protein, 12 grams of fiber, and micronutrients like zinc and vitamin B12.
“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. “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.”