Meati Foods, the creator of Eat Meati alternative proteins made from mushroom root, has raised $150 million in a Series C investment round that will help to expand the production and accessibility of products offering comparable complete protein to meat with more fiber and no cholesterol.
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.
“The continued growth and momentum that Meati is experiencing underscores how differentiated and scalable our products and vision are,” said Tyler Huggins, the Boulder, Colorado-headquartered company’s chief executive officer and co-founder. “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 a whole-food distinction. The whole-cut faux meats, which include
naturally deliver as much as 17 grams of complete protein (which equates to 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 capital infusion will support the completion of the company’s more than 100,000-square-foot Mega Ranch in Thornton, Colorado, a facility that will begin to ship product in late 2022, ultimately producing tens 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 our 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.”
The Eat Meati range features whole-food cutlets and steaks made from mushroom root via through modernized ancient, natural processes in a toxicity-free environment with no heavy metals, pesticides or antibiotics. It debuted in retail channels in July of 2022 after multiple months of sellout sales on its direct-to-doorstep online shop.