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April 15, 2021updated 11 May 2021 6:59pm

US plant-based meat firm Atlast to expand after cash raise

By Andy Coyne

Atlast Food Co., a US plant-based start-up producing whole cut plant-based ‘meat’, is planning to expand after raising US$40m in a funding round.

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The Series A funding round for Green Island, New York-based Atlast was led by Viking Global Investors with participants including venture-capital firm Stray Dog Capital and Footprint Coalition Ventures, an investment firm made up of rolling VC funds launched by actor Robert Downey Jr “to discover new technologies that can restore our environment”.

Also joining were Stephen McDonnell, founder and CEO of US organic meat business Applegate, Gary Hirschberg, former CEO of US organic yogurt business Stonyfield Farm and Walter Robb, co-CEO of US retailer Whole Foods Market. Other unnamed leaders and founders of CPG and retail businesses were also funders. Atlast declined to name those individuals.

Atlast, which uses the fungus mycelium as the base ingredient for its products, supplies other plant-based meat businesses worldwide and also provides a direct-to-consumer offering through its own brand MyEats.

It is also increasingly targeting the retail market. It launched its first product on store shelves in November and has ambitions to supply its plant-based bacon product MyBacon Strips at a commercial scale.

The company said the funding will support the further development and scaling of its technology and team.

Its president, Stephen Lomnes, said: "This investment will allow us to meet the incredible demand we've felt for our product. We are building the largest mycelium production facility in the US to provide consumers nationwide with a tastier alternative to their favourite animal proteins."

Atlast is partnering with mycelium technology specialist Ecovative to expand its current production capacity to increase the supply of its products to CPG, foodservice and grocery industry customers.

Lisa Feria, CEO at investor Stray Dog Capital, said: "Atlast is creating a new category of plant-based foods by offering whole cut options. Mycelium, Atlast's unique ingredient, is nutritious, versatile, and scalable."

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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
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