Meati raises $150M Series C on heels of retail launch

BOULDER — Just after Meati Foods, a trade name for mushroom-based whole-food proteins producer Emergy Inc., launched its first retail sales, the Boulder-based startup secured $150 million in a Series C fundraising round led by investor Revolution Growth LLC.

The round elevates Meati’s total fundraising beyond the quarter-billion-dollar mark, according to Crunchbase data. 

Meati creates high-protein, high-fiber and nutrient-dense meats using mycelium — the muscular root structure of fungi — as its single main ingredient. Unlike traditional meat alternatives, which typically attempt to mimic products such as chicken nuggets or ground beef, Meati’s products, some of which are still being developed, replicate whole cuts of meat such as chicken breasts, steak, jerky and pork tenderloin.

“The continued growth and momentum that Meati is experiencing underscores how differentiated and scalable our products and vision are,” Meati Foods CEO and co-founder Tyler Huggins said in a prepared statement. “Revolution Growth and our new and existing investors bring not just the financial firepower and ethos alignment, but deep and diversified expertise that will be instrumental in building a brand and organization that will truly change how people eat in a way that’s better for our bodies and better for our planet.”

Meati’s production operation is housed in the company’s Pilot Ranch in Thornton. The Series C round will allow the company to complete buildout at its nearby Mega Ranch, a 100,000-square-foot facility with the capacity to produce more than 45 million pounds of fungi-based meat annually.

“Additionally, the company will continue its rapid growth, including a national omni-channel footprint by the end of 2023, diversification of its product portfolio, as well as breaking ground on the company’s first ‘Giga Ranch,’ designed to be the production facility that will be replicated domestically and globally, with a single ranch capable of producing hundreds of millions of pounds annually,” Meati, which has about 150 employees, said in a news release. 

Joining lead investor Revolution Growth in the Series C were Grosvenor Food & AgTech, Canada Pension Plan Investment Board; Wellington Management; and Cultivate Next, Chipotle Mexican Grill’s new venture fund.

“Through Chipotle’s Cultivate Next venture fund we are investing in companies that align with our mission to cultivate a better world, and Meati is doing just that with its clean processes and plant-based proteins,” Chipotle chief technology officer Curt Garner said in a statement. 

Should Chipotle begin carrying Meati products, it would be following on the heels of Denver-based fast-casual restaurant group Birdcall. As of last week, Meati is available at all nine Birdcall locations in Colorado and Arizona.

Meati products are also available at Sprouts Farmers Market grocery store locations in the Denver and Boulder area.

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