Venture Capital/ESG: Meati, Which Makes Alt Meats From Mushroom Roots, Raises $150M

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Meati’s products deliver taste and texture superior to current meat alternatives while offering comparable complete protein to meat with more fiber and no cholesterol.

Meati Foods, which makes plant-based meats using mushroom roots as a major ingredient, announced its successful closing of a $150 million Series C round 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. (CISION PR Newswire)

Use of funds

Meati will use the funds to expand the production and accessibility of the company’s products as they aim to become the U.S. market share leader in plant-based meat by 2025. Specifically, the company will complete more than 100,000-square-foot Mega Ranch in Thornton, Colo., a facility that will begin to ship product in late 2022, ultimately producing tens of millions of pounds of product annually.

The company will also break ground on the company’s first “Giga Ranch”, designed to be the production facility that will be replicated domestically and globally. A single such ranch would be capable of producing hundreds of millions of pounds annually.

Additionally, the company will continue its rapid growth, including a national omni-channel footprint by the end of 2023, diversification of its product portfolio.

Curt Garner, Chief Technology Officer at Chipotle, said Meati was bringing an exciting, alternative protein to market. “Through Chipotle’s 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,” he said.

“Meati is poised to be the leader in this large and growing category with a capability to produce plant-based meats in whole-cut form with a clean ingredient list,” said Fazeela Abdul Rashid, a Partner at Revolution Growth. “The company is meeting an unmet demand for products that are delicious, healthy, and good for the planet.”

Related Story: Upside Foods Scores $400M For Producing Cultivated Meat At Scale

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