Meati Foods, a Boulder, CO-based provider of whole-food proteins made from mushroom root, raised $150M in Series C funding.
The round was led by Revolution Growth, with participation from existing and new investors, including Grosvenor Food & AgTech, Canada Pension Plan Investment Board (CPP Investments), Wellington Management, and Cultivate Next. Fazeela Abdul Rashid, a Partner at Revolution Growth, is joining the board.
The company intends to use the funds to expand the production and accessibility of its products as they aim to become the U.S. market share leader in plant-based meat by 2025. The funds will support the completion of the company’s more than 100,000-square-foot Mega Ranch in Thornton, Colo., a facility that will begin to ship product in late 2022, ultimately producing tens of millions of pounds of product annually. Additionally, the company will continue its growth, including a national omni-channel footprint by the end of 2023, diversification of its product portfolio, as well as breaking ground on the company’s first “Giga Ranch”, designed to be the production facility that will be replicated domestically and globally, with a single ranch capable of producing hundreds of millions of pounds annually.
Led by CEO Tyler Huggins, Meati Foods aims to democratize the access to nutrient-rich, complete protein in a way that protects and preserves the planet’s water, land and air. Eat Meati™ is the debut product line from the company featuring whole-food cutlets and steaks made from mushroom root via modernized ancient, natural processes in a toxicity-free environment with no heavy metals, pesticides or antibiotics. The whole-cut meats naturally deliver as much as 17 grams of complete protein (33 percent of the daily recommended value according to the FDA) and 12 grams of dietary fiber (42 percent of the daily recommended value), along with micronutrients such as 45 percent and 90 percent of the recommended daily intakes of zinc and vitamin B12 (riboflavin).
Meati is available online and at several restaurants throughout Colorado and Arizona.
FinSMEs
21/07/2022