Key Takeaways
- Strategic Investment: Eat Just has secured new funding from VegInvest/Ahimsa Foundation, an organization aligned with its mission to replace animal-based foods.
- Market Dominance: JUST Egg is a leading player in the plant-based egg market, with products available in over 48,000 retail points in North America.
- Regulatory Approval: GOOD Meat, the company’s cultivated meat division, received U.S. regulatory approval, marking a historic moment for cell-cultured meat in America.
- Sustainability Impact: The company has significantly contributed to environmental conservation, saving billions of gallons of water and millions of kilograms of CO2e.
- Scaling Up: With the new funding, Eat Just aims to scale up production and improve the quality and profitability of its products.
Eat Just, Inc., a leader in the alternative protein industry, has announced the closure of a new financing round led by VegInvest/Ahimsa Foundation. The funding aims to bolster the company’s mission to create healthier, more sustainable foods by replacing animal-based products with plant-based and cell-cultured alternatives.
A Mission-Aligned Investment
The investment comes from VegInvest/Ahimsa Foundation, an organization committed to supporting companies that aim to eliminate the use of animals in the food system. “We founded this company to take the animal out of the equation, and today, we’re proud to continue this vital work with an investor who has shown an unwavering commitment to this ideal,” said Josh Tetrick, co-founder and CEO of Eat Just.
Impact and Growth
Eat Just is known for its plant-based egg brand, JUST Egg, which accounts for more than 99% of the plant-based egg market. The brand has saved over 14 billion gallons of water, 69 million kilograms of CO2e, and 21,000 acres of land. The products are available in over 48,000 retail points in North America, with a strong repeat purchase rate of 51%.
Regulatory Milestones
The company’s cultivated meat division, GOOD Meat, received landmark U.S. regulatory approval this summer, allowing its cell-cultured chicken to be sold to American consumers for the first time. This follows the company’s first commercial sales in Singapore in late 2020.
Future Plans
With the fresh funding, Eat Just aims to improve the quality and profitability of its products, focusing on scaling up production to meet growing demand. The company has set ambitious goals, including producing millions of pounds of meat by the decade’s end.
Image provided by Eat Just, Inc.
