Revolution Growth Invests in Meati, the Mushroom-Root Superfood
The new funding for the meat alternative startup will support rapid retail expansion, continued product development and product capabilities
Meet Meati — the Boulder-based company creating a new category of clean, whole-cut alternative meats and the latest addition to Revolution Growth’s portfolio.
What They’re Solving For: Meat substitutes have gained traction as planet-friendly alternatives to their animal-based counterparts, but few check all the boxes on consumers’ wishlists. Enter Meati: the great-tasting, sustainable, nutrient-rich, form-flexible solution filling the gap in the meatless meat market.
What They Do: Meati creates high-protein, high-fiber, and nutrient-dense products using mycelium (the muscular root structure of fungi) as its main ingredient. Their whole-cut menu currently includes steak and crispy and classic chicken cutlets, with more products in development.
How They Do It: The company uses a proprietary process to cultivate a unique strain of fast-growing mushroom root and form it into whole-cut products. At scale, Meati’s innovative growing process can produce the meat equivalent of 4,500 cows every 24 hours and requires less than 1% of the water and land than conventional industrial meat production demands.
The Results To-Date: Meati went live with its first DTC offering in March 2022, which sold out in 2.5 hours, followed by another drop in April, which sold out in 20 minutes. The company’s cutlets made their retail debut in Sprouts in July 2022, and products are currently on the menu in 11 restaurants, including Colorado-based fried chicken chain, Birdcall. Meati’s textures and flavors have also won over the hearts, minds, and palates of many of food’s most impactful leaders, chefs, and innovators, including David Chang, Walter Robb, Nicolas Jammet, and Jonathan Neman.
Where They’re Headed: The $150M Series C will help Meati expand the production and accessibility of its offerings as the company aims to become the U.S. market leader in plant-based meat by 2025. The funds will:
● Support the completion of the company’s Mega Ranch in Thornton, CO.
● Bring the company’s national omnichannel footprint to fruition by the end of 2023.
● Accelerate the diversification of Meati’s product portfolio.
● Contribute to the groundbreaking of the company’s second scaled production facility — Giga Ranch — capable of producing hundreds of millions of pounds of Meati products annually.
Revolution Growth is thrilled to add Meati to a deep bench of portfolio companies (including Sweetgreen, Cava, and Revolution Foods) that are transforming the future of food. We look forward to leveraging our foodtech and consumer expertise to help Meati introduce more consumers to its standard-setting products.
For more on Meati, visit meati.com.
