Plant-based eating continues to drive retail sales, and Eat Beyond Global Holdings is pushing that momentum forward. Recently, the plant-based investment issuer announced its portfolio company Eat Just has completed a $200 million (USD) funding round. So far, the brand has earned a valuation of more than $1 billion USD.
“We are thrilled to see this continued momentum for Eat Just. Their JUST Egg and GOOD Meat branded cultured chicken products are truly pioneering in this new space—and consumers are excited,” said Patrick Morris, CEO of Eat Beyond. “We are at a key inflection point in history, and food production may well look remarkably different on a large scale within the next decade with companies like Eat Just developing cutting-edge, sustainable solutions to our future food needs.”
Eat Just applies cutting-edge science and technology to create healthier, more sustainable foods. The company’s expertise, from functionalizing plant proteins to culturing animal cells, is powered by a world-class team of scientists and chefs spanning more than a dozen research disciplines. According to the release, Eat Just has raised more than $650 million since its founding in 2011. With this latest investment round, the company is now valued at more than $1 billion.
The $200 million funding round was led by the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar; joined by private investment firm Charlesbank Capital Partners and Vulcan Capital, the investment arm of the estate of Microsoft co-founder and philanthropist Paul G. Allen.
As noted in the release, the capital will be utilized to advance company research and development (R&D), enhance commercial manufacturing, and further promote Eat Just’s brand globally. The company recently partnered with a leading quick-service restaurant in China and Peet’s Coffee in North America to serve its JUST Egg product. In Canada, JUST Egg is available in 1,000+ retail stores, including major retailers, and will soon be expanding into foodservice with restaurants such as Copper Branch, a plant-based Canadian restaurant chain. To date, Eat Just has sold the plant-based equivalent of 100 million eggs.
For more information, click here for the full press release.
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