ALAMEDA, CALIF. — Alternative protein company Eat Just, Inc. has closed a new round of financing led by VegInvest and Ahimsa Foundation. The producer of plant-based eggs and cultured meat plans to use the capital to improve the quality and profitability of its products. Financial terms were not disclosed.
“We founded this company to take the animal out of the equation, and today, we’re proud to continue this vital work with an investor who has shown an unwavering commitment to this ideal,” said Josh Tetrick, co-founder and chief executive officer of Eat Just. “Our work is not easy and not certain, but it's what is required.”
Accounting for more than 99% of the plant-based egg category, Just Egg products are available in more than 48,000 retail points of distribution in North America. Branded partnerships with other consumer packaged goods companies, including Mikey’s, Field Roast, Crepini and others, adds 10,000 more points of retail distribution. Just Egg also is gaining steam in the foodservice channel, with sales up 15% in the first quarter and 39% in the second quarter this year, with recent launches in airlines, coffee chains and colleges and universities.
GOOD Meat, the company’s cultivated meat division, in June received a Grant of Inspection from the US Department of Agriculture to sell cultivated chicken in the United States, marking the final step of the pre-market regulatory review necessary for commercial production and sales. Previously, GOOD Meat earned regulatory approval and began selling the cultivated chicken products in Singapore. The team aims to produce tens of millions of pounds of meat before the end of the decade.
Together, VegInvest and Ahimsa Foundation support companies developing solutions to replace animals in the food system and other industries and previously invested in Eat Just.
“Eat Just and its leadership in the industry play a critical part of building a kinder, safer food system,” said Shaleen Shah, president, Ahimsa Foundation. “We're proud of this investment and the continued partnership to make products that consumers love without causing the harm inherent in animal agriculture.”Enjoying this content? Learn about more disruptive startups on the Food Entrepreneur page.