Eat Just is among the latest food technology companies dedicated to food chain sustainability dominating financial media headlines. On Tuesday, the San Francisco-based company said it secured $200 million in new financing backed by some heavyweight names.
What Happened: Eat Just manufactures plant-based eggs and meat-alternative products made from animal cells. In fact, Eat Just secured the world's first regulatory approval for meat-cultured products created from animal cells for human consumption in 2020.
The company has now raised more than $650 million since its founding in 2011. The most recent round was backed by Vulcan Capital, the investment arm of the estate of Microsoft co-founder Paul G. Allen; the private investment firm Charlesbank Capital Partners and Qatar Investment Authority, the sovereign wealth fund of the State of Qatar.
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Why It's Important: Eat Just's egg alternative product is already available at more than 20,000 retail points of distribution and 1,000 foodservice locations. To date, the company sold the plant-based equivalent of 100 million eggs.
The company also has attractive partnerships with the likes of Peet's Coffee to collaborate on a new Just Egg sandwich. Eat Just also has a partnership in China with Dicos, one of the country's top fast-food chains.
Other agreements include one with Cuisine Solutions to manufacture Just Egg Sous Vide products.
What's Next: Eat Just continues to work towards addressing the $13 billion meat-cultured market by 2030, at which point meat-cultured chicken could rival traditional chicken in terms of price.
(Photo: Eat Just)
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