Meati Foods, which is developing the Eat Meati brand of proteins made from mushroom root, is poised to begin shipping its plant-based meat product later this year after closing on $150 million in new Series C funding.
The round, which gives the company $278.6 million in total funding, according to Crunchbase data, was led by Revolution Growth, with participation from existing and new investors, including CPP Investments, Grosvenor, Wellington Management and Chipotle Mexican Grill’s new venture fund, Cultivate Next. Meati is among Cultivate’s first cohort of investments.
Founded in 2017, Meati makes whole-cut meats that are 95% mushroom root and have as much as 17 grams of protein, 12 grams of dietary fiber and a healthy dose of zinc and vitamin B12.
The company is among a handful of startups leveraging mycelium, the structural fibers of fungi, to make healthier protein options than traditional animal products. Fellow companies include Perfect Day, MyForest Foods and Fable Food.
We profiled Meati in 2021, when the company announced $46 million in both equity and debt investments. At that time, co-founder and CEO Tyler Huggins, who started Meati with Justin Whiteley, had 30 employees and was starting a pilot plant.