Vegan egg and cultured chicken brand Eat Just has raised $200 million in financing in a funding round led by the Qatar Investment Authority.
Plant- and cell-based brand Eat Just has received a $200 million investment, as demand for alternative protein grows faster than ever before.
The San Francisco-based startup, known for its vegan liquid egg made from mung beans as well as its cultivated chicken, raised the money in a funding round led by the Qatar Investment Authority, the country’s sovereign wealth fund. Among the investors were Charlesbank Capital Partners and Vulcan Capital, the investment firm of the estate of Microsoft co-founder Paul Allen.
Representatives from the QIA and Charlesbank will join Eat Just’s board. The company says it will use the funds to build its production capacity, accelerate its research and development programmes and keep expanding its international brand presence.
Last year, Eat Just’s cell-based chicken became the world’s first product of its kind to be approved by regulatory authorities. It also sold its vegan egg to many companies, including retail and foodservice locations. The company says it has sold the equivalent of 100 million eggs worldwide and owns 99.2% of the vegan egg market.
The startup also cut the sales cost of its liquid egg by half and is making its way into Asia, Latin America and Europe. According to Bloomberg, Eat Just is valued at more than $1 billion, according to its CEO Josh Tetrick.
As per a new report released by the Good Food Institute last week, alternative protein sales in 2020 increased more than in any previous year with a total investment not of $3.1 billion. Plant-based meat, dairy and egg brands raised a total $2.1 billion, while cell-based meat and dairy companies saw $360 million in investment, a sixfold increase over the previous year.