Meati Foods, a Public Benefit Corporation leading the fast growing category of clean, whole-cut plant-based alternative meats announced the closing of its $50 million Series B.
This funding will further expedite Meati's efforts to scale production capacity and launch products at a national scale.
The significantly oversubscribed round was co-led by new investor BOND and long-time Meati investor Acre Venture Partners, joined by other existing investors, including Prelude Ventures, Congruent Ventures, and Tao Capital.
The capital will make the company one of the first in the world to unlock production of whole-cut plant-based alternative meat at scale – an advancement that will enable Meati to revolutionise the whole-cut category within the coming years.
Meati creates high-protein, high-fiber and nutrient-dense meats using mycelium – the muscular root structure of fungi – as its single main ingredient. These whole-cut meats include Meati's take on chicken breasts, steak and jerky in the final stages of development right now, as well as pork tenderloin, deli meats and other products in the future. Meati provides superfood-level nutrition; for example, a Meati steak offers 25 grams of complete protein, more than one third of daily fibre needs, and contains essential vitamins and minerals.
Meati's mycelium is an infinite, self-replenishing food source. To grow Meati, the company has developed a proprietary process to cultivate its unique strain of fast-growing mycelium and gently form its naturally fibrous texture into whole-cut products without chemicals or processing. Meati's efficient indoor growing process takes days rather than years. At scale, Meati's innovative growing process can produce the meat equivalent of 4,500 cows every 24 hours, and requires less than one percent of the water and land compared to conventional industrial meat production.
There is no product on the market that can match the nutrition, texture and versatility of Meati.
"Our team has been working diligently to build and optimize our ability to grow products in ways that have never been done before," said co-founder and CTO Justin Whiteley. "Meati is on a faster trajectory than we ever expected. We're thrilled to be quickly moving closer to our goal of making Meati accessible to everyone."