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Meati Foods raises $100M to meet growing demand for plant-based protein

Meati Foods raises $100M to meet growing demand for plant-based protein
Picture credit: Meati Foods

Meati Foods, a Public Benefit Corporation focused on creating innovative plant-based protein products, has announced significant growth in both retail presence and funding. This surge also shows the increasing consumer demand for alternative protein options.

To fuel this rapid growth, Meati Foods recently closed a $100 million Series C funding round led by Grosvenor Food & AgTech. Returning investors like Prelude Ventures, BOND, Revolution Growth, and Congruent also participated in the round. 

“We are excited to continue our partnership with Meati,” said Katrin Burt, Managing Partner, Grosvenor Food & AgTech. “Meati produces delicious, nutritious and affordable protein and our firm is proud to back this category-leading product, talented team and mission to make MushroomRoot a global food staple.”

The funds will be used to support Meati’s expansion plans, including product development, marketing initiatives, and further distribution partnerships.

Back in April, one Swedish biotech startup had also raised €1M to develop plant-made proteins containing iron.

Meati Foods’ footprint in the market

In a major move, Meati Foods secured distribution deals with Kroger Family Stores, adding 2,000 locations to its network. This brings their total footprint to over 6,000 stores nationwide within a year, a remarkable feat for a young company.

“When Justin Whiteley and I founded Meati,” said Tyler Huggins, co-founder of Meati, “we set out to harness the power of nature to make awesome products that were a positive force for good in the world.”

This expansion strategy positions Meati to become a readily available option for consumers seeking plant-based alternatives. Their “Eat Meati” product line, featuring the company’s signature MushroomRoot ingredient, is now available in major retailers including Kroger, Super Target, Whole Foods Market, Sprouts Farmers Market, Meijer, and Wegmans.

Market performance and consumer response

According to Meati, up to 40% of their sales come from first-time animal-free protein buyers, indicating a strong appeal to new customers. Additionally, the company boasts a high repurchase rate of 60%, suggesting a satisfied customer base. These metrics highlight the potential of Meati’s products to attract and retain consumers seeking healthy and sustainable protein options.

Leadership transition

Following this funding round, Meati Co-Founder and Chief Innovation Officer Tyler Huggins will be transitioning to an advisory role. “It’s inspiring to see how far we’ve come in a short period of time,” said Huggins. “I’m ready to pass the day-to-day running of the company to Phil Graves and the leadership team to take it to the next level.”

This leadership shift positions Meati for continued growth and innovation as they navigate the dynamic plant-based protein market.

What we think about the startup

Meati Foods’ expansion and funding raise intriguing questions about the future of plant-based protein. Their rapid growth suggests that consumers are increasingly open to alternative protein sources.

With continued innovation and strategic partnerships, Meati Foods is well-positioned to capitalise on this growing market trend and potentially become a major player in the plant-based protein industry. However, the long-term success of the company hinges on their ability to maintain product quality, affordability, and consumer trust in a competitive market.

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