Meati Foods – a Public Benefit Corporation known for products featuring its MushroomRoot superfood – has disclosed plans to broaden its retail footprint by entering 2,000 Kroger Family Stores in April.
This move comes as part of Meati’s ambitious expansion strategy, propelling its nationwide presence to over 6,000 retail locations within just over a year.
The company recently concluded a successful C-1 funding round, securing over $100 million in investment. Led by Grosvenor Food & AgTech, the round saw participation from returning investors including Prelude Ventures, BOND, Revolution Growth and Congruent.
Mark Cupta of Prelude Ventures and Katrin Burt of Grosvenor Food & AgTech have been appointed as new board members.
“We are excited to continue our partnership with Meati,” said Burt. “Meati produces delicious, nutritious and affordable protein and our firm is proud to back this category-leading product, talented team and mission to make MushroomRoot a global food staple.”
The company’s popular Eat Meati line, featuring the Classic cutlet, Classic steak and Carne Asada steak, is now available at various Kroger Family of Companies stores, including Kroger, Ralphs, Mariano’s, City Market, King Soopers and Dillons.
Kroger joins a growing list of retailers carrying Meati products, including Super Target, Whole Foods Market, Sprouts Farmers Market, Meije and Wegmans.
Phil Graves, CEO of Meati, reaffirmed the company’s commitment to its mission, stating, “Meati is on a mission to make MushroomRoot the undisputed leader of the centre of the plate. The support of our investors, retailers, customers and employees fuels our confidence in achieving this goal.”
Meati’s products have garnered popularity among consumers, with up to 40% of sales attributed to first-time purchasers of animal-free protein. The four SKUs in the Eat Meati product line consistently rank among the top performers in the animal-free protein category, driving category growth for retail partners.
To support its growth trajectory, Meati co-founder and chief innovation officer Tyler Huggins will transition to an advisory role, entrusting the day-to-day operations to CEO Graves and the leadership team.
Reflecting on the company’s journey, Huggins commented: “When Justin Whiteley and I founded Meati, we set out to harness the power of nature to make awesome products that were a positive force for good in the world. It’s inspiring to see how far we’ve come in a short period of time, and I’m ready to pass the day-to-day running of the company to Phil Graves and the leadership team to take it to the next level.”
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