Introduction
Eat Just, a trailblazer in the alternative protein sector, has secured a new round of funding led by VegInvest/Ahimsa Foundation, reinforcing the company's mission to create healthier and more sustainable food options. This infusion of capital comes at a pivotal moment, as Eat Just aims to further the quality and profitability of its revolutionary plant-based and cell-cultured meat products.
Investor Alignment and Mission
The funding round is noteworthy for its alignment of investor and company missions. "We founded this company to take the animal out of the equation, and today, we're proud to continue this vital work with an investor who has shown an unwavering commitment to this ideal," said Eat Just co-founder and CEO Josh Tetrick. VegInvest/Ahimsa Foundation specializes in backing companies working to replace animal-based products in the food system and beyond.
Impact Metrics: The JUST Egg Story
Since its initial investment, VegInvest/Ahimsa Foundation has played a crucial role in scaling Eat Just’s plant-based egg product, JUST Egg, from lab to commercial launch. This product has reached impressive milestones, saving more than 14 billion gallons of water and 21,000 acres of land, while reducing 69 million kilograms of CO2e. Holding a market share of over 99% in the plant-based egg sector, JUST Egg products are now available in more than 48,000 retail outlets across North America.
Sales and Distribution Dynamics
The company has expanded its reach significantly year-to-date, opening 4,000 new doors across major retailers and adding another 10,000 points through branded partnerships. The first half of this year also saw a surge in foodservice sales, growing by 15% in Q1 and 39% in Q2, thanks to launches in airlines, coffee chains, and educational institutions.
Regulatory Milestones: GOOD Meat
Eat Just’s cell-cultured meat division, GOOD Meat, received landmark regulatory approval in the U.S., paving the way for the first-ever commercial sales of cultivated chicken in the country. This follows the division’s global debut in Singapore in late 2020. The team is now focusing on scale-up challenges with ambitious targets to produce tens of millions of pounds of cell-cultured meat by the end of the decade.
Market Implications and Stakeholder View
" Eat Just and its leadership in the industry play a critical part of building a kinder, safer food system. We're proud of this investment and the continued partnership to make products that consumers love," said Shaleen Shah, President of the Ahimsa Foundation.
Conclusion
Eat Just's latest funding round, spearheaded by VegInvest/Ahimsa Foundation, signifies a major advancement for sustainable and ethical food production. The investment will catalyze the company's ongoing initiatives in both plant-based and cell-cultured proteins, setting a precedent for the future of the food industry. As Eat Just navigates scale-up challenges and expands its reach, it’s not just building a business; it’s also contributing significantly to a more sustainable and ethical food system.