Eat Beyond Portfolio Company Eat Just Closes US$200 Million in New Funding - 03/25/2021 9:00:00 AM
VANCOUVER, BC, March 25, 2021 /PRNewswire/ - Eat Beyond Global Holdings Inc. (CSE: EATS) (OTCPK: EATBF) (FSE: 988) ("Eat Beyond" or the "Company"), an investment issuer focused on the global plant-based and alternative food sector, is announcing that its portfolio company Eat Just Inc. ("Eat Just") has completed a $200 million (USD) funding round. Eat Just has raised more than $650 million since its founding in 2011 and has earned a valuation of more than $1 billion.
Eat Just applies cutting-edge science and technology to create healthier, more sustainable foods. The company's expertise, from functionalizing plant proteins to culturing animal cells, is powered by a world-class team of scientists and chefs spanning more than a dozen research disciplines. Eat Just's products are available at 20,000 retail points of distribution and 1,000 foodservice locations.
The $200 million funding round was led by the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar; joined by private investment firm Charlesbank Capital Partners and Vulcan Capital, the investment arm of the estate of Microsoft co-founder and philanthropist Paul G. Allen.
The capital will be utilized to advance company R&D, enhance commercial manufacturing, and further promote Eat Just's brand globally. Eat Just recently partnered with a leading quick service restaurant in China and Peet's Coffee in North America to serve its JUST Egg product. In Canada JUST Egg is available in 1,000+ retail stores, including major retailers, and will soon be expanding into foodservice with restaurants such as Copper Branch, a plant-based Canadian restaurant chain. To date, Eat Just has sold the plant-based equivalent of 100 million eggs.
In late 2020, Eat Just secured the first-in-the-world regulatory approval for real, high-quality meat created directly from animal cells for human consumption and weeks later made history when its GOOD Meat-branded cultured chicken was served and sold to guests for the first time at a restaurant.
"We are thrilled to see this continued momentum for Eat Just. Their JUST Egg and GOOD Meat branded cultured chicken products are truly pioneering in this new space - and consumers are excited," said Patrick Morris, CEO of Eat Beyond. "We are at a key inflection point in history, and food production may well look remarkably different on a large scale within the next decade with companies like Eat Just developing cutting-edge, sustainable solutions to our future food needs."
The JUST Egg packs similar protein to conventional eggs but zero cholesterol and less saturated fat. The process slashes land, water, and carbon requirements for egg production making the JUST Egg a sustainable option healthier for the planet and the consumer.
