Retail & E-Commerce

Meati Foods Secures $100M in Funding and Expands to Over 6,000 Retail Outlets

Meati Foods, known for its MushroomRoot-based products, has announced its expansion into 2,000 additional retail locations across the United States, now totaling over 6,000. This expansion includes a significantly increased presence in Kroger Family Stores, along with established availability in other major retailers such as Super Target, Sprouts, Whole Foods, and Meijer.

Alongside this retail growth, Meati Foods has successfully raised over $100 million in a Series C-1 funding round. This round was led by Grosvenor Food & AgTech, with contributions from returning investors, including Prelude Ventures, BOND, Revolution Growth, and Congruent.

“Meati is on a mission to make MushroomRoot the undisputed leader of the center of the plate”

The funding aims to support the escalating demand for Meati’s plant-based protein products. From this investment round, Mark Cupta of Prelude Ventures and Katrin Burt of Grosvenor Food & AgTech will join the company as new board members.

Mycelium chicken sandwich
©Meati Foods

Managing Partner at Grosvenor Food & AgTech, Katrin Burt, noted continued support for Meati, praising its efforts in making MushroomRoot a prominent food choice globally. “We are excited to continue our partnership with Meati. Meati produces delicious, nutritious, and affordable protein, and our firm is proud to back this category-leading product, talented team, and mission to make MushroomRoot a global food staple,” she stated.

Organizational changes

In the wake of its latest funding round, Meati has announced significant organizational changes to bolster its growth trajectory. Co-founder and chief innovation officer Tyler Huggins will shift to an advisory role, continuing to support the company’s expansion. Phil Graves, who has succeeded Huggins as CEO, transitioned into the leadership position from his previous role as Chief Financial Officer (CFO). This restructuring effort also included a workforce reduction aimed at streamlining operations and hastening the company’s path to profitability.

Huggins commented on the transition: “When Justin Whiteley and I founded Meati, we set out to harness the power of nature to make awesome products that were a positive force for good in the world. It’s inspiring to see how far we’ve come in a short period of time, and I’m ready to pass the day-to-day running of the company to Phil Graves and the leadership team to take it to the next level.”

Meati Mushroom Chicken on Skewer
© Meati

The company’s product line, Eat Meati, which includes cutlets and steaks in Classic and Carne Asada flavors, is now available in multiple stores under Kroger’s umbrella, such as Ralphs, Mariano’s, and others.

Graves acknowledged the extensive support from both internal and external stakeholders in pursuing the company’s goal to make MushroomRoot a central dietary option. He states, “Meati is on a mission to make MushroomRoot the undisputed leader of the center of the plate. The backing of our investors, the belief by retailers nationwide, the love from our customers, and the commitment from our employees leave no doubt in my mind that we’re on the right path to get there.”

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