Atlast secures $40m to grow its mycelium-based meat alternatives

Atlast Food has raised $40 million in a Series A funding round, as it looks to expand the production of its plant-based bacon alternative made from mycelium.

The US food tech company develops “whole cut” plant-based meats – as opposed to common extruded analogues – in partnership with mycelium tech firm Ecovative. Atlast aims to supply its vegan meat substitutes to partners around the globe through its own brand MyEats.

With the capital, Atlast plans to further develop and scale its technology and team. This includes supporting the construction of what it claims will be the world’s largest aerial mycelium farm.

The Series A round was led by Viking Global Investors with participation from Footprint Coalition Ventures – recently launched by Robert Downey Jr – 40 North, AiiM Partners, Senator Investment Group, Stray Dog Capital, as well as leaders of Whole Foods and Stonyfield. 

Atlast says the funding comes after a year of “immense growth”, following the launch of its first product – MyBacon strips in November 2020. The start-up is currently working with major brands to supply its plant-based bacon substitute at commercial scale.

“This investment will allow us to meet the incredible demand we’ve felt for our product. We are building the largest mycelium production facility in the US to provide consumers nationwide with a tastier alternative to their favourite animal proteins,” said Stephen Lomnes, president of Atlast Food.

Lisa Feria, CEO at Stray Dog Capital, said: “Atlast is creating a new category of plant-based foods by offering whole cut options. Mycelium, Atlast’s unique ingredient, is nutritious, versatile, and scalable – consumers should get ready to see a lot more mycelium in their stores and on their plates.”