Mushroom protein company Meati Foods opens mega facility; closes $22M in new funding

News Summary

  • The company announced Thursday the opening of its production facility, dubbed “Mega Ranch,” in Colorado.The 100,000-square-foot facility was financed in part by a $150 million Series C round of capital raised last year and a brand new extension round of $22 million.
  • The company is already bringing in tens of millions of dollars in revenue with plans to reach hundreds of millions in 2024.With the new facility and funding, Meati is on par to reach that sales rate.
  • In addition, he plans to get Meati products into 7,000 doors by the end of the year.The new capital round was led again by Revolution Growth and also included Rockefeller Capital.
  • We are excited to continue working with them to reach the next level and bring Meati to more consumers across the U.S.”When I spoke with Huggins in 2022, he mentioned the company’s goal of reaching a $1 billion in revenue run rate by 2025.
  • It is also doing small drops of products online that Huggins said continuously sell out quickly.
  • Meati Foods is closer to full-scale production of its whole-food protein made from the structural fibers of mushrooms, known as mycelium.
Meati Foods is closer to fullscale production of its wholefood protein made from the structural fibers of mushrooms, known as mycelium. The company announced Thursday the opening of its production [+4257 chars]