Eat Just Raises $200 Million - Alt-Protein Investment
Eat Just Secures $200 Million in New Funding
Eat Just, recognized for its innovative egg alternatives, plant-based mayonnaise, and as the first company to receive governmental approval for cultivated chicken, has announced a new funding round totaling $200 million.
Investment Details
The Qatar Investment Authority, Qatar’s sovereign wealth fund, spearheaded the investment. Additional funding was provided by Charlesbank Capital Partners and Vulcan Capital, the investment division representing the estate of Microsoft’s co-founder, Paul G. Allen.
Company Growth and Funding History
Since its inception in 2011 under the name Hampton Creek, the company has accumulated over $650 million in funding. This capital has been strategically allocated to expand production capabilities for both its egg replacement products and its pioneering line of cultivated meat.
Josh Tetrick, co-founder and CEO of Eat Just, expressed enthusiasm regarding the new partnerships. He stated that the investors’ expertise in supporting transformative companies across various industries was a key factor in their selection.
Past Challenges and Rebranding
Eat Just’s journey hasn’t been without obstacles. In 2017, the company faced an attempted takeover, leading to the dismissal of several executives. Subsequently, the entire board of directors resigned and was later reconstituted with a new team.
Following these events, Hampton Creek underwent a rebranding process and refined its focus. The company now concentrates on two primary product categories.
Current Product Lines
- Plant-Based Alternatives: This includes egg replacement products and eggless mayonnaise.
- Cultivated Meat: Focusing on lab-grown chicken as a sustainable alternative to traditionally farmed poultry.
Market Reach of Egg Products
Given that Eat Just’s egg-related products preceded its cultivated meat offerings, it’s significant to note their widespread availability. The company’s products are currently distributed across more than 20,000 retail stores and 1,000 foodservice establishments.
To date, Eat Just has sold over 100 million equivalent egg products to approximately one million households in the United States.
International Expansion
Eat Just’s reach extends beyond the U.S. market. Its products are featured on the menu at Dicos, a prominent fast-food chain in China.
Furthermore, the company has established a partnership with Cuisine Solutions to offer a sous vide egg replacement product. Distribution has also been expanded into Canada, and Eat Just eggs are available at Peet’s Coffee locations nationwide.
GOOD Meat and Future Plans
The company’s GOOD Meat division previously offered cultivated chicken in Singapore. Eat Just anticipates reducing production costs and broadening its commercial operations, while simultaneously exploring the development of other cultivated meat varieties.
This represents a significant evolution from the company’s early stages, when it initially secured funding from Khosla Ventures and Founders Fund.