Meati Foods Secures $150M in Series C Funding to Expand Operations and Accelerate Production of Whole-Food, Mushroom-Root Meats

Support from investors including Revolution Growth and Chipotle's Cultivate Next fund will support rapid retail expansion, development of product and Giga Ranch production facility

BOULDER, Colo., July 21, 2022 /PRNewswire/ -- Meati Foods, the creator of Eat Meati™ juicy, delicious alternative whole-food proteins made from mushroom root, today announced it has raised $150 million in a Series C investment round that will help to expand the production and accessibility of the company's popular products as they aim to become the U.S. market share leader in plant-based meat by 2025. The company's products deliver taste and texture superior to current meat alternatives while offering comparable complete protein to meat with more fiber and no cholesterol.

The round was led by Revolution Growth, with participation from existing and new investors, including Grosvenor Food & AgTech, Canada Pension Plan Investment Board (CPP Investments), Wellington Management, and Cultivate Next, Chipotle Mexican Grill's new venture fund which includes Meati Foods in its first cohort of investments.

"The continued growth and momentum that Meati is experiencing underscores how differentiated and scalable our products and vision are," said Meati Foods CEO and co-founder, Tyler Huggins. "Revolution Growth and our new and existing investors bring not just the financial firepower and ethos alignment, but deep and diversified expertise that will be instrumental in building a brand and organization that will truly change how people eat in a way that's better for our bodies and better for our planet."

Meati™ has distanced itself from an ever-crowded category through its standard-setting composition of at least 95 percent mushroom root, earning its whole-food distinction and unmatched nutrition. The delicious, whole-cut meats naturally deliver as much as 17 grams of complete protein (33 percent of the daily recommended value according to the FDA) and 12 grams of dietary fiber (42 percent of the daily recommended value), along with micronutrients such as 45 percent and 90 percent of the recommended daily intakes of zinc and vitamin B12 (riboflavin).

The funds will support the completion of the company's more than 100,000-square-foot Mega Ranch in Thornton, Colo., a facility that will begin to ship product in late 2022, ultimately producing tens of millions of pounds of product annually. Additionally, the company will continue its rapid growth, including a national omni-channel footprint by the end of 2023, diversification of its product portfolio, as well as breaking ground on the company's first "Giga Ranch", designed to be the production facility that will be replicated domestically and globally, with a single ranch capable of producing hundreds of millions of pounds annually.

"Meati Foods' innovative products mirror Chipotle's Food with Integrity standards and bring an exciting, new alternative protein to market," said Curt Garner, Chief Technology Officer at Chipotle. "Through Chipotle's Cultivate Next venture fund we are investing in companies that align with our mission to Cultivate a Better World and Meati is doing just that with their clean processes and plant-based proteins."

Meati has won the hearts and minds of food industry icons and world-renowned chefs including: David Chang (chef and founder of Momofuku and Majordomo Media); Walter Robb (former Whole Foods Market CEO); Rose Marcario (former Patagonia CEO); John Foraker (Once Upon a Farm CEO and former Annie's Organic CEO); Nicolas Jammet and Jonathan Neman (co-founders of Sweetgreen); Sam Kass (former White House senior policy advisor for nutrition and partner at Acre Venture Partners); David Barber (co-owner of Blue Hill Restaurants and founder of Almanac Investments); and the Alinea Group (including one of the most awarded and recognized chefs in the world, Grant Achatz).

"Meati is poised to be the leader in this large and growing category with a capability to produce plant-based meats in whole-cut form with a clean ingredient list. The company is meeting an unmet demand for products that are delicious, healthy, and good for the planet. We're thrilled to partner with Tyler and the full team as the company expands its production and tackles real-world issues of food security and sustainability," said Fazeela Abdul Rashid, a Partner at Revolution Growth who is joining the board of the company.

Meati is available online and at several restaurants throughout Colorado and Arizona. Learn more at www.meati.com.

Founded in 2017, Meati Foods is working to change the way we eat by democratizing access to delicious, nutrient-rich, complete protein in a way that protects and preserves our planet's water, land and air. Eat Meati™ is the debut product line from Meati Foods featuring whole-food cutlets and steaks made from mushroom root via through modernized ancient, natural processes in a toxicity-free environment with no heavy metals, pesticides or antibiotics. Eat Meati™ made its retail debut in July 2022 after multiple months of record sellouts on its direct-to-doorstep online shop, with plans for a national omni-channel footprint by late-2023. Meati's textures and flavors have won the enthusiastic support of some of food's most impactful leaders, chefs and icons.

Revolution Growth is a venture capital fund investing in growth-stage companies around the country that are leading disruption within their industry. Led by Steve Case, Ted Leonsis, and Steve Murray, Revolution Growth has a proven strategy of partnering with entrepreneurs to build and scale category-defining companies. Revolution Growth is headquartered in Washington, D.C. and part of Revolution's family of funds, including Revolution Ventures and the Rise of the Rest Seed Fund. Visit us online at revolution.com/growth or @Revolution.

Chipotle Mexican Grill, Inc. is cultivating a better world by serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. Chipotle had over 3,000 restaurants as of March 31, 2022, in the United States, Canada, the United Kingdom, France and Germany and is the only restaurant company of its size that owns and operates all its restaurants. Chipotle is ranked on the Fortune 500 and is recognized on the 2022 list for Fortune's Most Admired Companies. With over 100,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry. Chipotle is committed to making its food more accessible to everyone while continuing to be a brand with a demonstrated purpose as it leads the way in digital, technology and sustainable business practices. For more information or to place an order online, visit WWW.CHIPOTLE.COM.

Grosvenor Food & AgTech is an international investor in food and agriculture businesses. Our focus is to rethink and re-shape how food is grown, produced, distributed, and consumed. We partner with like-minded people to understand the complex interconnectedness of our agricultural ecosystem to manage its effects and enhance human health and our environment and enable producers to thrive. We are one of the largest and longest established investment teams in the sector. Our work in food and agtech, alongside Grosvenor's other activities shares a common purpose to deliver lasting commercial, social and environmental benefit addressing today's needs while taking responsibility for those of future generations. www.grosvenor.com/food-agtech

SOURCE Meati Foods