Key Takeaways:
- Significant Expansion: Meati Foods will increase its retail footprint from six to over 6,000 stores by entering 2,000 Kroger Family Stores.
- Capital Infusion: A recent funding round raised over $100 million to support the growing demand for Meati’s MushroomRoot™ products.
- Availability: Meati’s Classic cutlet, Classic steak, and Carne Asada steak will now be available at various Kroger stores.
- Investor Confidence: The funding round, led by Grosvenor Food & AgTech, included several returning investors, emphasizing strong support for Meati’s market strategy.
- Consumer Engagement: Meati reports high consumer interest with significant first-time buyers and a 60% repurchase rate in the animal-free protein category.
Retail Growth and Strategic Investment
Meati Foods, a Public Benefit Corporation known for its innovative MushroomRoot™ superfood products, announced a major expansion into 2,000 Kroger Family Stores starting in April. This expansion represents a rapid increase in Meati’s retail presence, growing from six stores to more than 6,000 nationwide within just over a year.
Funding and Expansion
Following a substantial investment of over $100 million in a C-1 funding round, led by Grosvenor Food & AgTech and supported by returning investors such as Prelude Ventures, BOND, Revolution Growth, and Congruent, Meati is poised to meet increasing consumer demand. Katrin Burt of Grosvenor Food & AgTech highlighted Meati’s commitment to making MushroomRoot™ a global dietary staple.
Product Introduction at Kroger
With the expansion, Meati’s product lineup, including the Classic cutlet, Classic steak, and Carne Asada steak, will be available in Kroger Company stores such as Ralphs, Mariano’s, and others. CEO Phil Graves emphasized the company’s mission to position MushroomRoot™ as a leader in sustainable food options, supported by robust investor backing and positive consumer reception.
Market Impact and Consumer Trends
Initial sales data reveal that 40% of Meati’s customers are new to animal-free proteins, with a high repurchase rate, demonstrating strong market acceptance and consumer satisfaction. These products have become top performers in the animal-free protein category, aiding in the expansion of this sector among prominent retailers like Whole Foods and Sprouts Farmers Market.
Leadership Transition
To foster continued growth, Meati Co-founder Tyler Huggins will shift to an advisory role, entrusting daily operations to Phil Graves and the management team. Huggins expressed pride in Meati’s achievements and commitment to sustainable, healthful food solutions through innovative use of natural resources.
Image provided by Meati Foods
