Meati Foods, creator of plant-based meat 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.”
The funding comes at a time when the plant-based meat sector's sales have continued to decline over the past few years. Last year, the Colorado-based company, Meati, laid of 13% of it's workforce.
Consumers are feeling inflationary pressures, and plant-based meat companies have not been able to offer their plant-based alternatives at a competitive price due to high R&D payback costs. Along with the price, studies have shown that plant-based meats aren't nutritionally better for you than conventional meat.
Back in 2022, researchers from Australia found that one serving of plant-based mince meat contained more than 2,000 mg of salt, which almost tops out your daily recommended amount of 2,300 mg, according to Australian health recommendations.
Kroger joins a growing list of retailers where Meati products are already available, including Target, Whole Foods Market, Sprouts Farmers Market, Meijer and Wegmans. With its latest round of funding of $100 million, the Boulder-based company may get closer to its goal of becoming a household name and getting its products in 10,000 stores nationwide.
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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