Atlast Food Co. announced a $40M Series A investment round to develop and supply whole cut plant-based meats through its own brand MyEats.
Atlas is a mycelium food company growing the future of plant-based meats from mushrooms.
The funding round was led by Viking Global Investors, with participation from 40 North, AiiM Partners, Senator Investment Group, Stray Dog Capital, Footprint Coalition Ventures, among others. Also joining were the leaders and founders of food and CPG companies, including Applegate, Stonyfield, and Whole Foods.
The company plans to use the funding to support the further development and scaling of this technology and team.
"This investment will allow us to meet the incredible demand we've felt for our product," said Stephen Lomnes, President of Atlast Food Co. "We are building the largest mycelium production facility in the U.S. to provide consumers nationwide with a tastier alternative to their favorite animal proteins."
To achieve that, Atlast is partnering with the pioneers of mycelium technology, Ecovative, to expand its current production capacity and supply partners throughout the CPG, food service and grocery industries. This investment will speed up both the discovery and production process for Atlast and MyEats by supporting the construction of the world's largest Aerial Mycelium farm.
The majority of meat sold today — like bacon, chicken breast, and steak — is considered "whole cut," yet most plant-based meats are ground, extruded analogues. Atlas wants to be one of the first companies to offer plant-based whole cut meats.
"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," said Lisa Feria, CEO at Stray Dog Capital.