Total amount raised
$374.5 Millions
Latest funding date
05/01/2024
Location
Meati has successfully raised $100 million in its latest Series C funding round, attracting a total of 35 investors. The company is dedicated to developing fungi-based meat alternatives, positioning itself as a significant player in the alternative protein market.
Keep reading to explore the intricacies of Meati's fundraising journey and the investors backing this innovative company.
What Is Meati?
Meati, founded in 2016, is a consumer goods company based in Boulder, Colorado. The company specializes in producing fungi-based meat alternatives, leveraging proprietary, clean technologies to create nutrient-dense, plant-based products.
Founded by Justin Whiteley and Tyler Huggins, Meati has grown to employ between 251 and 500 people. The company offers a range of products, including Classic Cutlet, Crispy Cutlet, Classic Steak, and Carne Asada, all made from mushroom root.
How Much Funding Has Meati Raised?
- Seed Round
- Amount Raised: $4.8M
- Date: July 2019
- Lead Investors: Congruent Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial product offerings and establish a market presence.
- Series A
- Amount Raised: $28.2M
- Date: August 2020
- Lead Investors: Acre Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production capabilities and expand product lines.
- Series B
- Amount Raised: $50M
- Date: July 2021
- Lead Investors: Acre Venture Partners, Bond
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance marketing efforts and increase distribution channels.
- Series C
- Amount Raised: $150M
- Date: July 2022
- Lead Investors: Revolution Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support large-scale production and market expansion.
- Series C
- Amount Raised: $22M
- Date: January 2023
- Lead Investors: Revolution Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and product development.
- Funding Round
- Amount Raised: Not publicly disclosed
- Date: June 2023
- Lead Investors: Derek Jeter
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage celebrity endorsement for brand visibility.
- Series C
- Amount Raised: $100M
- Date: May 2024
- Lead Investors: Grosvenor Food & AgTech
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To meet growing consumer demand and expand distribution partnerships.
Total Amount Raised: $355.3M
Current Valuation: Not publicly disclosed
Key Investors
- Grosvenor Food & AgTech
- Details: Grosvenor Food & AgTech is a leading investor in the food and agricultural technology sectors. They led Meati's Series C funding round and have a board member, Katrin Burt, involved with Meati.
- Investment Focus Areas: Food technology, agricultural technology, sustainability.
- Notable Investments: Specific notable investments are not mentioned in the sources.
- Prelude Ventures
- Details: Prelude Ventures is an investment firm that focuses on early-stage companies addressing climate change and sustainability. Mark Cupta from Prelude Ventures has joined Meati's board.
- Investment Focus Areas: Sustainability, clean technology, climate change.
- Notable Investments: Specific notable investments are not mentioned in the sources.
- BOND
- Details: BOND is a growth-stage investment firm that participated in multiple funding rounds for Meati. They focus on companies poised for significant growth.
- Investment Focus Areas: Growth-stage companies, technology, consumer products.
- Notable Investments: Specific notable investments are not mentioned in the sources.
- Revolution Growth
- Details: Revolution Growth is an investment firm that focuses on companies with significant growth potential. They have been a recurring investor in Meati.
- Investment Focus Areas: Growth-stage companies, technology, consumer products.
- Notable Investments: Specific notable investments are not mentioned in the sources.
- Congruent Ventures
- Details: Congruent Ventures is an investment firm that aims to solve global challenges through innovative solutions. They have been involved in multiple funding rounds for Meati.
- Investment Focus Areas: Sustainability, clean technology, innovative solutions.
- Notable Investments: Specific notable investments are not mentioned in the sources.
What's Next for Meati?
Meati's future looks promising as it continues to expand its retail footprint, aiming to reach 10,000 stores by the end of 2024. With a high repurchase rate and strong consumer demand, the company is well-positioned to capitalize on the growing market for plant-based proteins. The recent $100 million funding round will support these expansion efforts and further product development.
As Meati scales, it may seek additional funding to sustain its growth momentum and explore strategic partnerships. However, the company will need to navigate challenges such as maintaining product quality and affordability while competing in a crowded market. Leadership changes and operational scaling will also be critical factors in their journey ahead.
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