Meati Foods raises $150m in Series C funding round

Meati Foods, a provider of plant-based meats made from mushroom root, has raised $150 million as it looks to strengthen its position in the US market.

The round was led by Revolution Growth, with participation from existing and new investors, including Grosvenor Food & AgTech and Chipotle Mexican Grill’s new venture fund, Cultivate Next.

Founded in 2017, Meati Foods is the creator of Eat Meati, an alternative whole food protein made from mushroom root. The product line includes cutlets and steaks.

Meati Foods’ whole-cut meats naturally deliver as much as 17g of complete protein and 12g of dietary fibre, along with micronutrients such as zinc and vitamin B12.

The capital will support the completion of the company’s facility in Thornton, Colorado. The site will begin shipping its offerings in late 2022, ultimately producing tens of millions of pounds of product annually.

In addition, the funds will support the company’s continued growth, including through the diversification of its product portfolio.

Meati Foods CEO and co-founder, Tyler Huggins, said: “The continued growth and momentum that Meati is experiencing underscores how differentiated and scalable our products and vision are. Revolution Growth and our new and existing investors bring not just the financial firepower and ethos alignment, but deep and diversified expertise that will be instrumental in building a brand and organisation that will truly change how people eat in a way that’s better for our bodies and better for our planet.”