Eat Just seals new funding round: A leap forward for alternative proteins
Eat Just, Inc., the pioneering company on a quest to offer healthier and more sustainable foods, today announced the closing of a new round of financing spearheaded by VegInvest/Ahimsa Foundation. As a market leader in alternative proteins, Eat Just has disrupted traditional food systems with its plant-based egg and lab-grown meat products. The fresh capital infusion will further fuel the company’s quest to elevate the quality and profitability of its innovative offerings.
“We are committed to transforming the food system, and this latest round of funding, led by VegInvest/Ahimsa Foundation, allows us to do just that,” said Josh Tetrick, co-founder and CEO of Eat Just. “We’re delighted to deepen our partnership with an investor that shares our mission to make the food industry more ethical and sustainable.”
Eat Just Gets Massive Investment to Revolutionize Your Plate. Photo courtesy of Eat Just, Inc./Business Wire.
VegInvest/Ahimsa Foundation, an early backer of Eat Just, has been instrumental in the brand’s ascension. The initial investment propelled JUST Egg from a lab-scale concept to commercial reality. The partnership has led to remarkable environmental savings, including more than 14 billion gallons of water and 69 million kilograms of CO2e. With the recent funding, the company aims to continue building on its market-leading position.
In terms of market penetration, JUST Egg dominates the plant-based egg space, accounting for a staggering 99% of the category. The product is now accessible in over 48,000 North American retail outlets, including an additional 4,000 major retail stores added this year alone. The brand’s foodservice sales have also grown impressively, registering a 15% and 39% increase in Q1 and Q2 of this year.
Eat Just’s cultivated meat division, GOOD Meat, recently achieved a historic milestone by gaining U.S. regulatory approval, enabling its lab-grown chicken to be sold to American consumers for the first time ever. Following its groundbreaking commercial launch in Singapore in 2020, the company is now concentrating on scaling up production.
In summary, Eat Just’s new financing from VegInvest/Ahimsa Foundation sets the stage for the company to further revolutionize the alternative protein sector. With significant strides in both plant-based eggs and lab-grown meats, Eat Just is well-poised to reshape our diets and the future of food.