While the Bay Area may be the heart of the plant-based meat revolution, one Boulder-based startup that has yet to launch is already raking in the dough (or dirt, if you will).
Meati Foods, formerly known as Emergy Foods, is a fungi-based protein startup that recently raised $50 million. The company creates protein that looks like cuts of steak or chicken but is actually made from the root portion of mushrooms. Meati aims to “feed everyone nutritious protein without compromising taste, nutrition and human, animal or environmental waste,” Tyler Huggins, CEO and co-founder of Meati, said in a statement.
When developed at scale, Meati says its plants will produce the equivalent of 4,500 cows every 24 hours and use less than one percent of the water and land required for traditional animal meat production, according to a news release from the company.
The fresh funding will be used to scale production ramping up for a national launch next year. In preparation, Meati recently leased an 80,000-square-foot facility off Interstate 25 in Thornton. The new facility, dubbed the “Urban Ranch,” will have the capacity to produce millions of pounds of Meati.
When launched, Meati will offer a plant-based replacement to chicken and steak. In the future, the company plans to offer jerky, deli meats and pork tenderloin.
“Our team has been working diligently to build and optimize our ability to grow products in ways that have never been done before,” Justin Whiteley, the company’s CTO and co-founder, said in a statement. “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.”
This Series B round brings Meati’s total funding to $127.1 million, according to Crunchbase. The funding round was led by BOND and Acre Venture Partners with participation from Congruent Ventures, Tao Capital and Prelude Ventures.
Meati will also use the funding to more than double the size of its approximately 40-person team and bring on experts from a variety of fields. The startup is also hiring and has six open positions in Boulder ranging from associate food engineer and fermentation/brewer associate to associate engineering project manager.
Meati isn’t the only alternative meat startup to find eager investors recently. Darling raised $40 million in May, LIVEKINDLY landed $335 million in March, and Nature’s Fynd raised $45 million in December.