Following the recent announcement that it has received $200 million in funds in March, Eat Just has just revealed that it’s GOOD Meat division has also secured $170 million in new funding. This news comes as the company announces yet another crucial milestone, as the JW Marriott Singapore South Beach’s renowned Cantonese restaurant Madame Fan will become the first restaurant in the world to replace conventional meat with cultured meat during certain times.
“This investment, along with the historic decision by JW Marriott Singapore South Beach, points to what’s ahead: meat without killing animals will replace conventional meat at some point in our lifetimes. The faster we make that happen, the healthier our planet will be,” said Josh Tetrick, Co-Founder and Chief Executive Officer of Eat Just.
Thanks to its new partnership with JW Marriott Singapore South Beach, GOOD Meat will occasionally replace conventional chicken in the restaurant’s new chef-inspired dishes, like Asian-inspired chicken salad with sesame mirin vinaigrette, steamed chicken dumplings, and chicken vegetable stir-fry.
The latest investment from funds managed by UBS O’Connor, a hedge fund manager within UBS Asset Management; Graphene Ventures; K3 Ventures; and others, will be used to increase capacity and accelerate research and development for high-quality, real meat without slaughter, a press release explained.
“As part of a global organization aimed to cut food wastage, partnering with a purposeful company such as GOOD Meat was the perfect collaboration to support our ‘Source Responsibly’ efforts whilst we continue to deliver exceptional culinary experiences,” Marco Pedrelli, Director of Food & Beverage and Culinary, JW Marriott Singapore South Beach.
ABG, LLC; BofA Securities, Inc.; Guggenheim Securities and VERSO Capital advised on the recent transaction.
“The $2 trillion global market for meat and poultry is likely to experience significant change and disruption over the next 10 years as consumers increasingly recognize the environmental impact of their diet choices and search for healthier and more sustainable products like GOOD Meat to replace conventional animal proteins in their diets,” said Kevin Russell, Chief Investment Officer, UBS O’Connor.
Nabil Borhanu, Founder and Managing Partner of Graphene Ventures, also weighed in on the transaction and what it means for the deli sector moving forward.
“This deal is changing the future in terms of how humanity is fed. Eat Just has led and dominated the plant-based egg category with its JUST Egg products, and with all the efforts made, we’re confident that GOOD Meat will lead the cultured meat category starting with the $193 billion chicken market. For us, this is not only about meat, it’s about fueling the growth of planet-friendly food alternatives that can feed a rapidly changing world,” Borhanu said.
Over the past few months, GOOD Meat has set its focus on expanding its team, technology, and operations to meet the surging demand for its products in Singapore, and prepare for market entry into the U.S., the press release noted. Through investments such as this one, the company also plans to quickly scale production in North America and Asia.
As always, keep reading Deli Market News to stay up to date on the deli, dairy, and specialty sectors.