Fungi-fueled startup Meati Foods has raised $100m+ in a C-1 round led by Grosvenor Food & AgTech and rolled out its mycelium-based steaks and cutlets into 2,000 Kroger stores, taking its store count up to 6,000.
What is holding back the plant-based meat market? Poor taste and texture? The hefty price tag? Poor branding and positioning?
“It’s difficult to find another company in the food space that has developed so fast in only two years,” says Nosh.bio cofounder Tim Fronzek.
US retail sales of plant-based meat fell 12% in 2023 with units down 19%, while plant-based milk sales were up 1% with units down 8%.
GLP-1 drugs are “going to be a big disruptor for the food industry,” says Dr. Justin Shimek at California-based product innovation firm Mattson, which is expanding to the Midwest with the acquisition of Hyde Park Group.
Dutch startup Rival Foods will start deploying shear cell technology—a novel approach to texturizing plant-based proteins that can create whole cuts—at a “commercially viable scale” this summer.
Planted is deploying a “proprietary solid-state fermentation process” to make its beef steaks, says the Zurich-based firm.
Umaro Foods’ seaweed-fueled bacon will make its retail debut on the west coast with a leading food retailer.
Spanish plant-based meat startup Heura posted a 22% increase in sales to €38.3m ($41.5m) in 2023 and says it’s on course to turn a profit next year.
Beyond Meat Jerky, the first product to emerge from the firm’s JV with PepsiCo, is being discontinued less than two years after launch.
Under new leadership, Meati Foods will “continue the work to right size the company’s workforce and accelerate the path to profitability” says the firm.
“My view of the market is that we had a bit of a hype cycle, but the underlying trends [driving alt protein] are there,” says ENOUGH CEO Jim Laird.
At a time when many alt protein companies are struggling to raise funds, Infinite Roots (formerly Mushlabs) has netted $58m from investors including German food retail giant (REWE) and the holding company behind Haribo (HRH).
Mush Foods is launching its 50CUT mycelium blends in the US market following a successful launch of its b2b ‘meat-plus’ concept in Israel.
Ecovative is one of several startups attempting to harness the magic of mycelium—the filament-like roots of mushrooms—to make more sustainable foods and materials. But what progress has it made to date?
As well as taking stock of the best read articles of the year, the AgFunderNews team also wanted to highlight our favourite stories of the year; the articles we’re most proud of and enjoyed reporting the most.
With sales declining, gross margins in negative territory, and debts of $1.1bn, what’s next for Beyond Meat?
Global investment in AgFunder’s ‘Innovative Food’ category (which is dominated by alt proteins) fell by 39% in 2022. However, funding increased by 26% in the Asia-Pacific region. So what should we make of this dynamic?
Two years ago, investors were throwing money at alt protein startups. Today, the environment is way more challenging.
Motif FoodWorks CEO Dr. Mike Leonard has left the Boston-based foodtech firm, AgFunderNews has learned. His departure comes as the firm engages in a new round of layoffs.
