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November 3, 2020

Alt-meat firm Meati Foods raises millions in funding round

US alternative meat start-up Meati Foods has raised multi-millions in a Series A funding round, it has announced.

By Leonie Barrie

US alternative meat start-up Meati Foods has raised US$28m in a Series A funding round.

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The round was led by Acre Venture Partners with participation from new and existing investors including Prelude Ventures, Congruent Ventures and Tao Capital. 

Investment also came in from John Foraker, the CEO of cold-pressed children’s snacks business Once Upon A Farm and the co-founder of the now General Mills-owned brand Annie’s. Nicolas Jammet and Jonathan Neman, co-founders of Sweetgreen – a chain of fast-casual eateries – also backed Meati.

Boulder, Colorado-based Meati said it will use the money to continue expanding its production capacity to support a push into the retail and foodservice channels. The investment will involve hiring additional employees and the construction of a new production facility. 

Meati is creating alternative-meat products using an edible type of mycelium – the thread-like vegetative component of fungi – which the company states “naturally contains superfood level nutrition” as the core ingredient. 

It has developed a proprietary process to cultivate mycelium in-house and form its naturally fibrous texture into steak- and chicken breast-like products.

The company claims that three ounces of its ‘meat’ offers 16 grams of protein, more than one fifth of daily fibre needs and essential vitamins and minerals. 

Meati CEO and co-founder Tyler Huggins said: “We started Meati Foods to deliver nutrient-rich, energising food in an enjoyable and familiar way, while also diversifying our food system with an offering that reduces costs to people and our environment.”

Lucas Mann, managing partner at investor Acre, said: “For years we have looked for an alternative meat that is as nutritious as it is sustainable. With Meati, there is no need to compromise.” 

Related Companies

Free Report
img

Innovation Update Q2 2022: Meat and Meat Alternatives

Meat alternatives continue to push boundaries, as companies explore 3D printed, plant-based, and precision fermentation-based alternatives. As a result, shoppers are more open to experimental formulations that introduce new flavors to meat products, blur traditional food categories, or swap in new ingredient types. It is vital for their development that retailers acknowledge this range of emerging trends during these increasingly uncertain times. Brands must continue to understand how consumer needs and desires change, and offer a range of products that reflect the world around them, therefore developing purchasing and consumption decisions. Exciting non-traditional formulations are hitting the market - following the trajectories and target audiences of these launches will help other brands find their niche. Consult our report on Meat and Meat Alternatives, from the collection of >17,000 reports on GlobalData Explorer, to:  
  • Understand the current market dynamics of the Meat and Meat Alternatives Sector
  • Assess strategies implemented by companies to better penetrate the market
  • Understand the key themes in the market that these companies and their respective products appear to be targeting
  • Marketing / Advertising strategies being used by these players for specific products
  • Other segment-specific analysis (packaging, design, flavors etc.)
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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