Mushrooms continue to be a big field for alternative proteins. Canada-based Maia Farms recently raised $1.7 million to develop a blend of mushroom and plant-based proteins using biomass fermentation. There's also MyForest Foods and Fable Food.
Then there's Meaty Foods, which claims to be different from other alternative proteins. The company makes cutlets and steaks from mycelium, or mushroom roots.
“This is truly the next generation of innovative proteins,” CEO Phil Graves told TechCrunch. “It's a product that's rooted in nature. It's not genetically modified. We're just taking something from nature, guiding it, and giving it the nutrients and minerals it needs to thrive. That way, we're 4,5 You can get the protein equivalent of hundreds of cows within days.”
Perhaps that's why Mitty continues to secure so much funding.
Meaty Foods' carne asada steak product. (Image courtesy of Meati Foods)
On Wednesday, the Boulder, Colorado-based company announced it had raised an additional $100 million in a C-1 round. Existing investor Grosvenor Food & AgTech led the round, with participation from other existing investors including Prelude Ventures, BOND, Revolution Growth, and Congruent. Grosvenor is a leading food and agricultural investment firm, having backed companies such as Agriweb and The Every Company.
This large round adds to the significant venture capital that Meaty Foods has raised over the past two years. The first $150 million was announced in July 2022, and that round was followed by another $22 million in January 2023, with a final Series C of over $200 million closing in late 2023. Ta.
Much of the company's investment went into a 100,000-square-foot “mega-ranch” facility that will allow Meaty to produce tens of millions of pounds of protein annually.
But not everything was rosy for the company. The new funding comes three months after Meaty Foods laid off 13% of its workforce. At the same time, the company's co-founder, Tyler Huggins, stepped down as CEO to transition to the role of chief innovation officer. That's when Graves, then the company's chief financial officer, took the reins.
Following this latest round, Mr. Huggins, who co-founded the company with Justin Whiteley, will move into an advisory role.
In addition to the funding, Meaty Foods is adding 2,000 retail locations to carry its products, which will be added to the Kroger fleet by April. The Eat Meati line features three of his products: Classic Cutlets, Classic Asada Steak, and Carne Asada Steak.
In just over a year, the company has grown from six retail locations to nearly 7,000 stores nationwide. Also available at Super Target, Whole Foods Market, Sprouts Farmers Market, Meijer, and Wegmans.
The company is usually pretty quiet about its growth, and this time was no exception. Graves said the Mega Ranch facility is fully operational. Last year, Huggins told TechCrunch that the facility would be able to produce 45 million pounds of product annually when fully operational.
“Capital basically accelerates that growth trajectory,” Graves said. “We will continue to grow at this incredible pace. We are excited that our growth remains on track despite all the headwinds. And our investors are excited about it too.” We understand. This product is best in class and we are seeing growth. We need to combine capital and business to continue this momentum.”
As part of the new investment, Mark Cupta from Prelude Ventures and Katrin Burt from Grosvenor Food & AgTech have joined the company as new board members.