The company expects to bring in tens of millions of dollars in revenue this year with plans to reach hundreds of millions in 2024. When I spoke with Huggins in 2022, he mentioned the company’s goal of reaching a $1 billion in revenue run rate by 2025. We are excited to continue working with them to reach the next level and bring Meati to more consumers across the U.S.” “Tyler and the team have a vision for a new food category with pure ingredients and taste that doesn’t compromise.
“The next few years will see a seismic shift in how we eat, and Meati’s state-of-the-art, scalable production capabilities coupled with its focus on meeting consumer needs for clean, whole-food protein position the brand to lead,” said Fazeela Abdul Rashid, partner at Revolution Growth and member of the Meati Foods board, in a written statement. Now, the company’s total funding to date is over $250 million. The new capital round was led again by Revolution Growth and also included Rockefeller Capital. In addition, he plans to get Meati products into 7,000 doors by the end of the year. It is also doing small drops of products online that Huggins said continuously sell out quickly.
The products are sold through retail and foodservice partners, including Sprouts Farmers Market, Sweetgreen and Birdcall.
Its Eat Meati product line is already being produced at the Mega Ranch and currently includes four products: the Classic Cutlet, Crispy Cutlet, Classic Steak and Carne Asada Steak.Ĭrispy Cutlet. The company touts its proprietary production capability to grow a teaspoon of spores into the equivalent of hundreds of cow whole-food protein in just a few days. With a focus on providing products that are sustainable, nutritious and taste good, Mega Ranch enables Meati Foods to grow, harvest and process its mycelium and then produce its products under one roof. For example, No Meat Factory announced new funding earlier this month to build a 200,000-square-foot manufacturing plant to scale its alternative protein, while both Planetary and Prolific Machines raised capital in 2022 to build production facilities. In the past few years, many food tech companies are joining Meati Foods in going from the R&D phase to building facilities. The use of mycelium is growing as not only an alternative protein source, like what fellow food tech companies Perfect Day, MyForest Foods and Fable Food do, but also in clothing and leather. “We also wanted to bring in value-add folks and pour more fuel on the fire which would help us move faster, get into more doors and unlock more capacity.” “There was more interest than room in the $150 million round, so we continued to keep it open,” he said.
#Colorado harvest company square feet series
Tyler Huggins, co-founder and CEO of Meati Foods, told TechCrunch that the company wasn’t actively seeking additional capital, but had decided to keep the Series C round open due to additional investor interest. Once fully ramped up, the facility will have the capability of producing more than 45 million pounds of product. This will enable Meati to produce an annual rate of tens of millions of pounds by late 2023. The 100,000-square-foot facility was financed in part by a $150 million Series C round of capital raised last year and a brand new extension round of $22 million. The company announced Thursday the opening of its production facility, dubbed “Mega Ranch,” in Colorado. Meati Foods is closer to full-scale production of its whole-food protein made from the structural fibers of mushrooms, known as mycelium.
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