Meati Foods raises $50M in Series B round

BOULDER — Meati Foods, the Boulder-based company that is developing plant-based alternative meats, has raised $50 million, the company announced Tuesday.

The Series B round was co-led by new investor BOND and long-time Meati investor Acre Venture Partners. They were joined by other existing investors, including Prelude Ventures, Congruent Ventures and Tao Capital.

The funding  builds on $18 million in debt financing that Meati — founded as Emergy Inc. —  announced in April  to build out its new production facility in Thornton. The 76,500-square-foot leased space at 14831 Washington St. will be capable of producing millions of pounds of meat alternatives by 2022, the company said.

“The capital will make the company one of the first in the world to unlock production of whole-cut alternative meat at scale,” the company said in a press release, “an advancement that will enable Meati to revolutionize the whole-cut category within the coming years.”

Meati said the Series B round also will enable it to more than double the size of its team. A company official said in an email to BizWest that the company employs 40 now and “is actively expanding its team.”

 It also has added a slate of investor/advisers:

• Rose Marcario, former Patagonia CEO, who joined Meati’s board of directors this year.
• John Foraker, Once Upon a Farm CEO & former CEO of Annie’s Organic.
• Walter Robb, former CEO of Whole Foods Market.
• Nicolas Jammet & Jonathan Neman, co-founders of Sweetgreen.
• Sam Kass, former White House senior policy adviser for nutrition and partner at Acre Venture Partners.
• David Barber, co-owner of Blue Hill Restaurants & founder of Almanac Investments.
• The Alinea Group, including chef Grant Achatz.

“Meati’s growing momentum and unprecedented product is attracting a diverse and talented group of people and partners focused on solving one of the food system’s toughest challenges: feeding everyone nutritious protein without compromising taste, nutrition, and human, animal or environmental welfare,” co-founder and CEO Tyler Huggins said in a prepared statement. “We are thrilled to continue welcoming world-class visionaries and investors who are taking Meati’s mission to the next level.”

Meati creates high-protein, high-fiber and nutrient-dense meats using mycelium — the muscular root structure of fungi — as its single main ingredient. The company is in the final stages of development of its own version of chicken breasts, steak and jerky, with pork tenderloin, deli meats and other products in the future.

“Our team has been working diligently to build and optimize our ability to grow products in ways that have never been done before,” co-founder and CTO Justin Whiteley said in a press release. “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.”

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