February 8, 2023
In January 2023, Meati Foods announced the opening of its 100,000-square-foot production facility in Colorado. This “Mega Ranch” was financed in part by the company’s $150 million Series C round held in 2022, and a recent $22 million extension round which was sparked by additional investor interest as well as a desire to “pour more fuel on the fire” to help the company move faster and unlock more capacity. The new facility and additional funding will bring Meati closer to full-scale production of its whole-food protein – an annual rate of more than 45 million pounds of product.
Founded in 2017, Meati leverages mycelium, the structural fibers of mushrooms, to make whole-cut meats that are 95% mushroom root. These plant-based products have as much as 17 grams of protein and 12 grams of dietary fibre, and contain many vitamins and minerals including zinc and vitamin B12. The new Mega Ranch is currently producing the “Eat Meati” line, which consists of four products: the Classic Cutlet, the Crispy Cutlet, the Classic Steak, and the Carne Asada Steak. While the names of these products resemble those of “real” meat, Meati markets these plant-based alternatives as a healthier and more sustainable protein choice.
Meati’s total funding to date is over $250 million, suggesting that investor interest in the plant-based protein market remains strong. Indeed, in 2023, the company expects to bring in tens of millions of dollars in revenue, with plans to reach hundreds of millions in 2024. With the help of the new facility and funding, Meati is on track to reach these ambitious goals.
Jennifer Linde