Eat Just has secured $200 million in a new funding round to accelerate the growth of its plant-based egg alternative and cultured meat.
The round was led by the Qatar Investment Authority (QIA), the sovereign wealth fund of the state of Qatar, joined by private investment firm Charlesbank Capital Partners and Vulcan Capital.
Eat Just will use the investment to increase production capacity, build its brands in key international markets and accelerate its research and development programmes.
The food tech start-up has raised more than $650 million since its founding in 2011.
“We are very excited to work with our investors to build a healthier, safer and more sustainable food system. Their knowledge and experience partnering with companies that are transforming numerous industries were fundamental in our decision to partner with them,” said Josh Tetrick, co-founder and CEO of Eat Just.
The company also plans to continue reducing cultured meat product costs, scaling its commercial manufacturing operations and advancing its work on other types of meat.
Last December, Eat Just made history by receiving regulatory approval for its cultured chicken in Singapore, in what was deemed a world first.
In the first months of 2021, the company says it has witnessed record-breaking retail sales for its Just Egg pourable format. Chinese fast-food chain Dicos recently added Just Egg’s pre-baked folded format to its menu, reportedly marking the first time a major quick service restaurant has swapped an animal-based product with a plant-based one.
The company has also announced its expansion into Canada, which will see its Just Egg product stocked in more than 1,000 grocery stores and widely available across foodservice platforms.
© FoodBev Media Ltd 2021
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