Hungry Planet, a St. Louis-based plant-based meat startup, has closed an oversubscribed $25 million Series A funding round led by Post Holdings Inc. The fresh capital will be used to expand production capacity for its plant-based meat products and accelerate growth in retail, foodservice and e-commerce, both domestically and internationally.
Other investments from Post Holdings in the plant-based space include healthy snack brand Peatos. Michael Foods, a subsidiary of Post Holdings and the biggest supplier of poultry eggs to restaurants in the USA, last May partnered with Eat Just to distribute JUST Egg.
During its pilot phase, Hungry Planet says it experienced overwhelming demand for its plant-based meat alternatives, which include plant-based chicken, pork, beef, lamb and turkey, as well as crab, chorizo, breakfast sausage and Italian sausage.
“Over the past few years, we have quietly introduced our full range of nutritious plant-based meats to foodservice and retail outlets here and abroad. Through taste, health and variety, we have had tremendous success in the foodservice industry and are now building a very loyal and enthusiastic retail following,” Boyman continued. “Our broader retail rollout is currently underway in the US and Singapore and we are excited about the additional growth opportunities this funding will provide.”