Eat Just has secured a $25 million investment from private equity firm C2 Capital Partners, as it looks to grow its business in China.
The deal marks the first investment in the alternative protein sector for C2, which was established in 2018 to provide growth capital and operational support to companies looking to scale in China. The firm’s anchor investor is Alibaba Group.
C2 is currently supporting Eat Just in areas including sales and branding, as well as with the plant-based egg maker’s go-to-market strategies and regulatory approach in the country.
“We are grateful to partner with C2 to grow our business in China,” said Eat Just co-founder and CEO, Josh Tetrick. “Their unique market insights and know-how include logistics, branding, marketing, omni-channel sales and distribution and last-mile delivery.”
Eat Just’s Just Egg brand launched in the country on e-commerce platforms in 2019. The egg alternative is also available through a number of street vendors in Shanghai.
Meanwhile, the company says that it has had preliminary conversations with Chinese officials regarding its cell-based Good Meat.
C2 managing partner, Steve Lin, added: “We are excited to support alternative protein pioneer Eat Just’s mission and to accelerate the growth of their innovative products and technologies in China by leveraging the unique insights and resources of the C2/Alibaba ecosystem”.
© FoodBev Media Ltd 2022
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