BOULDER, COLO. — Plant-based meat maker Meati Foods raised $150 million in Series C funding. The company will use the injection of capital to expand production and accessibility of its products, with the goal of establishing a national omnichannel footprint by the end of 2023.
Meati in March debuted a pair of chicken-style cutlets, its first national consumer offering. In May it introduced a steak filet product. Made with mycelium, the root structure of fungi, the whole-cut meat alternatives deliver a meaty taste and texture while offering comparable complete protein to meat with more fiber and no cholesterol, according to the company.
Comprising of at least 95% mycelium, Meati’s products contain up to 17 grams of protein and 12 grams of dietary fiber. They also contain 45% of the recommended daily intake of zinc and 90% of the daily recommended intake of vitamin B12.
The company will use its $150 million fundraise to complete its more than 100,000-square-foot production facility in Thornton, Colo. The facility is expected to begin shipping product in late 2022 and ultimately will produce tens of millions of pounds of product each year. The funding also will support the development of a national omnichannel footprint, diversification of the company’s product portfolio and the groundbreaking of a “Giga Ranch,” a production facility designed to be replicated domestically and globally. A single Giga Ranch will be capable of producing hundreds of millions of pounds of whole-cut meat alternatives annually, according to Meati.
The Series C round was led by Revolution Growth, with participation from Grosvenor Food & AgTech and Cultivate Next, Chipotle Mexican Grill’s new venture fund, which includes Meati in its first cohort of investments.“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 Chipotle’s Cultivate Next venture fund, we are investing in companies that align with our mission to cultivate a better world. Meati is doing just that with their clean processes and plant-based proteins.”