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Meati Foods raises US$100 million and adds 2,000 retail locations

May 8, 2024

Meati Foods, a Public Benefit Corporation and creator of products that feature the MushroomRoot superfood, has announced it is making it is expanding into 2,000 Kroger Family Stores in April. In just over a year, Meati has grown from six retail locations to more than 6,000 stores across the USA.

The company also recently raised over US$100 million in a C-1 round led by Grosvenor Food & AgTech, with returning investors including Prelude Ventures, BOND, Revolution Growth and Congruent, to help meet the growing demand for its products. Mark Cupta from Prelude Ventures and Katrin Burt from Grosvenor Food & AgTech have joined the company as new board members.

“We are excited to continue our partnership with Meati,” commented Katrin Burt, Managing Partner, Grosvenor Food & AgTech. “Meati produces delicious, nutritious and affordable protein and our firm is proud to back this category-leading product, talented team and mission to make MushroomRoot a global food staple.”

Three products in the Eat Meati line – the Classic cutlet as well as Classic and Carne Asada steaks – are now available in Kroger’s Family of Companies stores, including Kroger, Ralphs, Mariano’s, City Market, King Soopers, Dillons and others.

“Meati is on a mission to make MushroomRoot the undisputed leader of the center of the plate," said Phil Graves, CEO of Meati. "The backing of our investors, the belief by retailers nationwide, the love from our customers and the commitment from our employees leave no doubt in my mind that we’re on the right path to get there.”

Kroger joins a growing list of retailers where Eat Meati products are available, including Super Target, Whole Foods Market, Sprouts Farmers Market, Meijer and Wegmans. Up to 40% of Meati sales come from consumers purchasing animal-free protein for the first time, and repurchase rates are as high as 60%. The four SKUs in the Eat Meati product line are consistently among the top performers in the animal-free protein category overall and have helped grow the category for these leading commercial partners.

Following this latest round, Meati Co-Founder and Chief Innovation Officer Tyler Huggins will transition to an advisory role to support the company’s continued growth.  

“When Justin Whiteley and I founded Meati, we set out to harness the power of nature to make awesome products that were a positive force for good in the world,” said Huggins. “It’s inspiring to see how far we’ve come in a short period of time, and I’m ready to pass the day-to-day running of the company to Phil Graves and the leadership team to take it to the next level.”

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