Public Benefit Corporation plant based company Meati Foods has announced a substantial growth in both retail presence and funding, reflecting the increasing consumer demand for alternative protein options.
To fuel its rapid expansion, Meati Foods recently closed a $100 million Series C funding round, led by Grosvenor Food & AgTech. This round also saw the participation of returning investors such as Prelude Ventures, BOND, Revolution Growth, and Congruent Ventures. These funds will be crucial for Meati’s plans to advance product development, marketing initiatives, and expand their distribution partnerships.
Katrin Burt, Managing Partner at Grosvenor Food & AgTech, expressed enthusiasm about the ongoing partnership with Meati. She highlighted the company's mission to make MushroomRoot a staple in global food supply chains due to its delicious, nutritious, and affordable nature.
In a significant strategic move, Meati Foods has secured distribution deals with Kroger Family Stores, adding 2,000 new locations to its network. This expansion brings their total footprint to over 6,000 stores nationwide within a year, including major retailers like Super Target, Whole Foods Market, Sprouts Farmers Market, Meijer, and Wegmans. This extensive retail presence underscores Meati’s ability to reach a broad audience and meet the rising demand for plant-based proteins.
Meati's products, which feature the company's signature MushroomRoot ingredient, have garnered significant consumer interest. According to the company, up to 40% of their sales come from first-time buyers of animal-free protein, indicating a robust appeal to new customers. Additionally, the high repurchase rate of 60% suggests strong customer satisfaction and loyalty.
Following this funding round, Meati Co-Founder and Chief Innovation Officer Tyler Huggins will transition to an advisory role. Phil Graves, previously serving as CEO of Wild Idea Buffalo Company and CFO at Meati, will take over as CEO. This leadership change aims to streamline operations and accelerate the company's path to profitability.
Meati Foods, founded in 2015 by engineers Justin Whiteley and Tyler Huggins, leverages a unique submerged biomass fermentation platform to produce whole cuts of alternative meat from mycelium, the filamentous roots of mushrooms. Their product line, Eat Meati, includes cutlets and steaks in various flavors, aiming to offer delicious and sustainable meat alternatives.
As Meati continues to grow, its commitment to sustainability and innovative food solutions positions it as a leading player in the plant-based protein market. The company’s rapid expansion and significant funding reflect a promising future, driven by consumer trends towards healthier and more sustainable food choices.