[ad_1]
Meati Foods is close to full-scale production of a whole-food protein made from the structural fibers of mushrooms called mycelium. The company announced Thursday the opening of its manufacturing facility in Colorado, dubbed “Mega Ranch.”
The 100,000-square-foot facility was funded in part by a Series C round of capital raised last year and a new expansion round of $22 million. This will allow Meati to produce tens of millions of pounds of annual volume by the end of 2023. Once fully operational, the facility will have a production capacity of more than 45 million pounds.
Tyler Huggins, co-founder and CEO of Meati Foods, told TechCrunch that the company is not actively seeking additional capital, but has decided to open its Series C round to interest from additional investors.
“In the $150 million round, there was more interest than the class, so we kept it open,” he said. “We also wanted to put more fuel on the fire by bringing in people who would add value, which would help us move faster, get more doors in and unlock more capacity.”
The use of mycelium is not only growing as an alternative protein source, as other food technology companies such as Perfect Day, MyForest Foods and Fable Food are doing, but also in clothing and leather. In the past few years, many food technology companies have moved from the R&D stage to building facilities and are joining the Meti Foods. For example, No Meat earlier this month announced new funding for a 200,000-square-foot manufacturing plant to grow alternative proteins, and both Planetary and Prolific Machines have raised capital to build production facilities by 2022.
With a focus on providing sustainable, nutritious and great-tasting products, Mega Ranch allows Methi Food to grow, harvest and process its mycelium and produce its products under one roof. The company’s proprietary manufacturing capabilities allow one teaspoon of spores to produce hundreds of whole-food proteins in a matter of days.
The Meat Eat Meat product line is already being produced by Mega Ranch and currently includes four products: Classic Cutlet, Crispy Cutlet, Classic Steak and Carne Asada Steak.
Crispy Cutlet (Image credit: Meati Foods)
The products are sold through retail and foodservice partners, including Sprouts Farmers Market, Sweetgreen and Birdcall. Huggins is also making small drop products online that they consistently sell out quickly. In addition, by the end of the year, he plans to introduce Meati products to 7,000 doors.
The new round of capital was again driven by revolutionary growth and included Rockefeller’s capital. Now, the company’s total funding is over $250 million.
“The next few years will see a seismic shift in the way we eat, and Meati’s modern, scalable manufacturing capabilities and focus on complementing its brand to lead consumers’ desire for clean, whole-food protein,” Fazila Abdul Rasheed, Revolution Growth Partner and Meati Foods board member, said in a written statement. . “Tyler and his team have a vision for a new food category that doesn’t compromise on clean ingredients and taste. We’re excited to continue working with them to take it to the next level and bring Metin to more consumers across the US.
In the year When I spoke with Huggins in 2022, he mentioned the company’s goal of reaching $1 billion in operating revenue by 2025. The company is on track to reach tens of millions of dollars in revenue by 2024.
With the new facility and funding, Meati is poised to reach that sales volume. In addition to the so-called “core four” products, he said the company’s technology could make other products from a single processing line.
In the meantime, the company is eyeing what Huggins calls the “Giga Ranch” as Meti’s flagship facility, capable of producing hundreds of millions of units of the mycelium product each year.
“2023 will be a big time for the company,” Huggins said, building the brand and educating people about mushroom protein to provide more nutrition and a net benefit to the world’s food system.
“There is no shortage of things to come out, and we have no shortage of demand,” he added. “Our pipeline is strong, and everything we’re going to produce in the next year or so is already sold. Now it’s about opening up the capacity to get the product out there.”
[ad_2]
Source link
