Proceeds will be used for R&D, commercial manufacturing and promoting the alternative egg and chicken brand internationally
Plant-based alternative egg company Eat Just, based in San Francisco, has raised $200 million in a round led by the Qatar Investment Authority, Qatar’s sovereign wealth fund, with participation of private investment firm Charlesbank Capital Partners and Vulcan Capital, the investment arm of the estate of Microsoft co-founder and philanthropist Paul G Allen.
Josh Tetrick , co-founder and chief executive of Eat Just, said: “We are very excited to work with our investors to build a healthier, safer and more sustainable food system.. Their knowledge and experience working with companies that are transforming numerous industries has been of paramount importance.”
The company has raised more than $650 million since its founding in 2011. It is valued at more than $1 billion and its products are available at 20,000 retail distribution points and 1,000 foodservice locations.
In Canada Just Egg is available in more than 1,000 retail stores including major retailers, and will soon expand into foodservice with restaurants such as Copper Branch, a plant-based Canadian restaurant chain.
The company also recently partnered with a quick-service restaurant in China and Peet’s Coffee in North America to serve its Just Egg product. So far, Eat Just said, it has sold the plant-based equivalent of 100 million eggs.
In addition, late last year, Eat Just secured regulatory approval in Singapore for its cell-based meat alternative for human consumption – and soon afterwards its Good Meat-branded cultured chicken was served up for the first time in a restaurant.
Eat Just is a portfolio company of Vancouver-based Eat Beyond Global Holdings. Patrick Morris, chief executive of Eat Beyond, said: “We’re thrilled to see this continued momentum for Eat Just. Its Just Egg and Good Meat branded cultured chicken products are truly pioneering in this new space – and consumers are excited.”
For Morris, the industry is at a key inflection point in history, and food production may well look remarkably different on a large scale within the next decade with companies like Eat Just developing cutting-edge, sustainable solutions to our future food needs.
Eat Just stated it will use the funding for R&D, commercial manufacturing and promoting its brand globally.
Date published: 25 March 2021