Meati
Overview
Meati Foods is a pioneering food technology company that creates plant-based meat alternatives using mycelium, the nutrient-rich filamentous structures of fungi. Founded in 2017 by Tyler Huggins and Justin Whiteley, the company is based in Boulder, Colorado. Since its inception, Meati has raised approximately $523 million in funding across multiple rounds, including significant Series B and Series C rounds. The company focuses on producing whole-cut meat alternatives such as steaks and cutlets, expanding rapidly within the alternative protein market.
Recent Developments
- May 2024: Meati Foods secured an additional $100 million in Series C1 funding, aimed at expanding their product reach to over 7,000 retail locations. The funding round was led by Grosvenor Food & AgTech, with contributions from Prelude Ventures and others. This expansion includes entry into Kroger and its family of stores, highlighting Meati's strategy to broaden its national footprint.
- July 2023: In a significant leadership shift, Phil Graves was appointed CEO, replacing co-founder Tyler Huggins, who transitioned to an advisory role. This change aligns with Meati's goal to enhance scalability and operational focus.
- June 2023: Meati launched its Mega Ranch production facility in Colorado, designed to produce tens of millions of pounds of mycelium annually. This facility marks a crucial step in scaling operations to meet the growing demand for sustainable protein sources.
- March 2023: Meati Foods received recognition from FOOD ENGINEERING Magazine, naming its Mega Ranch the Sustainable Plant of the Year. This accolade underscores the company's commitment to environmentally friendly production processes.
- February 2023: In light of economic pressures, Meati announced a reduction in its workforce by 13% to streamline operations and focus resources on key strategic objectives.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2017 |
| Headquarters | Boulder, Colorado, USA |
| Founders | Tyler Huggins, Justin Whiteley |
| Revenue | N/A |
| Profits | N/A |
| Key Investors | Grosvenor Food & AgTech, Prelude Ventures, BOND |
| Industry | Food Technology, Plant-based Foods |
| Number of Employees | 205 |
Early History
Meati Foods was founded in 2017 by Tyler Huggins and Justin Whiteley, who met as Ph.D. students with a shared interest in sustainable solutions. The duo pivoted from environmental engineering to food technology, focusing on mycelium as a potent source for sustainable meat alternatives. Initially named Emergy Foods, the company underwent a rebranding as Meati Foods in 2019, emphasizing its culinary potential and commitment to eco-friendly food production. The company received early financial backing from prominent venture firms, allowing it to develop proprietary technology for growing mycelium efficiently.
Company Profile and Achievements
Meati Foods positions itself as a leader in the alternative protein market by leveraging mycelium to create meat substitutes that comprise 95% whole-food, nutrient-dense components. The company touts its products as more sustainable and health-friendly compared to traditional meats, capitalizing on consumer trends favoring plant-based diets. Key milestones include:
- Innovation in Production: Utilization of fermentation technology to produce scalable mycelium-based products, a method lauded for its efficiency and minimal environmental impact.
- Product Launches: Successful introduction of meat alternatives such as Meati Classic Steak and Crispy Cutlets, noted for their close resemblance to animal meat in texture and taste.
- Retail Expansion: Significant growth in retail presence, from local beginnings to availability in major national chains like Whole Foods and Kroger.
- Awards and Recognition: Inclusion in Time's Best Inventions list for 2022 and a notable partnership with culinary figures like David Chang.
Current Operations and Market Position
Meati Foods operates with a strong focus on sustainability and nutrition, targeting consumers seeking healthy and environmentally friendly protein alternatives. The company's innovative use of mycelium allows for a unique market position, distinct from other plant-based and lab-grown meat competitors. With a robust supply chain and strategic retail partnerships, Meati is poised to capture a significant share of the growing alternative protein market. Its operational strategy involves scaling production facilities and expanding retail partnerships to reach a broader audience. The company is also exploring international markets to leverage its brand and product appeal globally.
Meati Ingredients
The primary ingredient in Meati products is mycelium, which offers a complete protein profile along with fiber, vitamins, and minerals. This ingredient is celebrated for its health benefits and is cultivated using sustainable practices designed to minimize environmental impact.
Is Meati Vegan
Meati's product line is entirely vegan, focusing on providing animal-free protein options that cater to both vegetarians and vegans, along with health-conscious omnivores.
Where to Buy Meati
Meati products are widely available across major grocery retailers such as Whole Foods, Sprouts, Super Target, and now Kroger locations. Consumers can also purchase Meati products through their direct-to-consumer online store, providing easy access nationwide.
Conclusion
Meati Foods stands out in the food technology market as a prime example of sustainable innovation, utilizing mycelium to offer a nutritious, environmentally friendly alternative to traditional meat products. As the company continues to expand its retail presence and production capabilities, it is well-positioned to meet growing consumer demand for plant-based protein sources. With a clear focus on sustainability and health, Meati is set to contribute significantly to the future of food technology, potentially changing dietary habits on a global scale.