Meati Foods Secures $150M in Series C Funding to Expand Operations and Accelerate Production of Whole-Food, Mushroom-Root Meats
Support from investors including Revolution Growth and Chipotle's Cultivate Next fund will support rapid retail expansion, development of product and Giga Ranch production facility
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, Chipotle Mexican Grill's new venture fund which includes Meati Foods in its first cohort of investments.
Meati Crispy Cutlet
Meati
"The continued growth and momentum that Meati is experiencing underscores how differentiated and scalable our products and vision are," said Meati Foods CEO and co-founder, Tyler Huggins. "Revolution Growth and our new and existing investors bring not just the financial firepower and ethos alignment, but deep and diversified expertise that will be instrumental in building a brand and organization that will truly change how people eat in a way that's better for our bodies and better for our planet."
Meati™ has distanced itself from an ever-crowded category through its standard-setting composition of at least 95 percent mushroom root, earning its whole-food distinction and unmatched nutrition. The delicious, 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).
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 rapid 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.
"Meati Foods' innovative products mirror Chipotle's Food with Integrity standards and bring an exciting, new alternative protein to market," said Curt Garner, Chief Technology Officer at Chipotle. "Through Chipotle's Cultivate Next venture fund we are investing in companies that align with our mission to Cultivate a Better World and Meati is doing just that with their clean processes and plant-based proteins."
Meati has won the hearts and minds of food industry icons and world-renowned chefs including: David Chang (chef and founder of Momofuku and Majordomo Media); Walter Robb (former Whole Foods Market CEO); Rose Marcario (former Patagonia CEO); John Foraker (Once Upon a Farm CEO and former Annie's Organic CEO); Nicolas Jammet and Jonathan Neman (co-founders of Sweetgreen); Sam Kass (former White House senior policy advisor for nutrition and partner at Acre Venture Partners); David Barber (co-owner of Blue Hill Restaurants and founder of Almanac Investments); and the Alinea Group (including one of the most awarded and recognized chefs in the world, Grant Achatz).
"Meati is poised to be the leader in this large and growing category with a capability to produce plant-based meats in whole-cut form with a clean ingredient list. The company is meeting an unmet demand for products that are delicious, healthy, and good for the planet. We're thrilled to partner with Tyler and the full team as the company expands its production and tackles real-world issues of food security and sustainability," said Fazeela Abdul Rashid, a Partner at Revolution Growth who is joining the board of the company.
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