Meati Foods secures $100M in funding as it expands to 7,000 retail locations

Meati Foods, a company specializing in alternative proteins made from mycelium, or mushroom root, has recently secured a whopping $100 million in funding in a C-1 round. This latest investment was led by existing investor Grosvenor Food & AgTech, along with other existing investors such as Prelude Ventures, BOND, Revolution Growth, and Congruent.

The Boulder, Colo.-based company has been making waves in the alternative protein industry with its unique approach to creating protein-rich cutlets and steaks. CEO Phil Graves describes their product as a “next generation revolutionary protein” that is rooted in nature and not genetically modified. The company’s innovative process allows them to produce the equivalent of hundreds of cows worth of protein in just four or five days.

Despite the recent funding success, Meati Foods faced some challenges in the past, including a round of layoffs and a change in leadership. Co-founder Tyler Huggins stepped down as CEO to take on the role of chief innovation officer, while Graves, the former CFO, assumed the position of CEO.

In addition to the funding, Meati Foods is expanding its retail presence, adding 2,000 new locations that will carry their products. By April, their products will be available in Kroger’s family of stores, including three products from the Eat Meati line: Classic cutlet, Classic steak, and Carne Asada steak.

With the new investment and expansion plans, Meati Foods is poised for continued growth and success in the alternative protein market. The company’s focus on sustainability and innovation has garnered the support of investors and consumers alike, making them a key player in the evolving landscape of plant-based proteins.