Brief: Eat Just targeting IPO at valuation of ‘at least $3bn,’ says investor

• US alt-protein company Eat Just is mulling an IPO for Q4 of this year or early 2021, according to reports.
• A “leading” investor in Eat Just told Forbes that the San Francisco-based startup is targeting a pre-float valuation of “at least” $3 billion.
• Eat Just raised $200 million in a Qatar Investment Authority-led round in March, with its cell-culturing unit GOOD Meat separately scoring $170 million in funding last month.

Why it matters:

Attempting to set itself apart from the competition, Eat Just has pursued protein product development in both the plant-based and cell-cultured arenas. Initially grabbing headlines for its mung bean-based egg substitute JUST Egg, the company claimed a world-first in November last year when regulators in Singapore approved its GOOD Meat cell-cultured chicken product for sale to the public.

Speaking to AFN recently, Eat Just co-founder and CEO Josh Tetrick said that the company would “definitely go public at some point,” though he added that its immediate priorities would be to secure further regulatory clearances around the world and convince more customers of the benefits of cultivated meat.