Meati Foods Adds 2,000 Retail Locations; Raises $100 Million
08 Mayo 2024 - 7:00AM
Business Wire
Meati now available in Kroger Family Stores,
increasing footprint to over 6,000 retail locations across the
U.S.
Meati Foods, a Public Benefit Corporation and creator of
products that feature the MushroomRoot™ superfood, today announced
it is making it easier for shoppers to buy its products by
expanding into 2,000 Kroger Family Stores in April. In just over a
year, Meati has grown from six retail locations to over 6,000
stores nationwide.
The company recently raised over $100 million in a C-1 round led
by Grosvenor Food & AgTech, with returning investors including
Prelude Ventures, BOND, Revolution Growth and Congruent, to help
meet the growing demand for its products. Mark Cupta from Prelude
Ventures and Katrin Burt from Grosvenor Food & AgTech have
joined the company as new board members.
“We are excited to continue our partnership with Meati,” said
Katrin Burt, Managing Partner, Grosvenor Food & AgTech. “Meati
produces delicious, nutritious and affordable protein and our firm
is proud to back this category-leading product, talented team and
mission to make MushroomRoot a global food staple.”
Three products in the Eat Meati® line—the Classic cutlet as well
as Classic and Carne Asada steaks—are now available in Kroger’s
Family of Companies stores, including Kroger, Ralphs, Mariano’s,
City Market, King Soopers, Dillons and others.
“Meati is on a mission to make MushroomRoot™ the undisputed
leader of the center of the plate. The backing of our investors,
the belief by retailers nationwide, the love from our customers and
the commitment from our employees leave no doubt in my mind that
we’re on the right path to get there,” said Phil Graves, CEO of
Meati.
Kroger joins a growing list of retailers where Eat Meati®
products are available, including Super Target, Whole Foods Market,
Sprouts Farmers Market, Meijer and Wegmans. Up to 40% of Meati
sales come from consumers purchasing animal-free protein for the
first time, and repurchase rates are as high as 60%. The four SKUs
in the Eat Meati® product line are consistently among the top
performers in the animal-free protein category overall and have
helped grow the category for these leading commercial partners.
Following this latest round, Meati Co-Founder and Chief
Innovation Officer Tyler Huggins will transition to an advisory
role to support the company’s continued growth.
“When Justin Whiteley and I founded Meati, we set out to harness
the power of nature to make awesome products that were a positive
force for good in the world,” said Huggins. “It’s inspiring to see
how far we’ve come in a short period of time, and I’m ready to pass
the day-to-day running of the company to Phil Graves and the
leadership team to take it to the next level.”
About Meati Foods
Founded in 2017 and inspired by nature, Meati Foods is dedicated
to making MushroomRoot™ an everyday staple, enabling consumers to
access and enjoy tasty, high-quality protein that is healthy and
sustainable. MushroomRoot™ products have experienced unprecedented
success, available in over 6,000 locations nationwide, including
Kroger’s Family of Companies, Super Target, Whole Foods, Meijer,
Wegmans, Sprouts Farmers Market and more. With a strategic focus on
expanding retail and food service partnerships, Meati Foods
anticipates continued expansion in availability across the country
by year’s end.
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