Eat Just To Expand Cultivated Meat Unit 'GOOD Meat' With Latest $170 Million Funding Round

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20 May 2021

San Francisco-based Eat Just has raised $170 million in a new funding round for its cultured meat unit called GOOD Meat. The company will be using the capital for research and expanding production of its cell-based chicken.

The investment round was led by hedge fund manager UBS O’Connor from UBS Asset Management, Graphene Ventures, and K3 Ventures. Eat Just CEO Josh Tetrick and chief technology officer Peter Licari will be heading this business as well.

In December 2020, Eat Just became the first cell-based meat producer to receive a regulatory approval to sell its products in the market. The approval was given by Singapore, which became the first country to do so, and GOOD Meat is available in some restaurants in the country. Eat Just also recently teamed up with the food and grocery delivery app Foodpanda to home deliver the cultured chicken directly to consumers.

The latest funding round will mark the company's expansion in the Singaporean market, and an eventual entry in the U.S. through food service players after receiving regulatory approval.

Eat Just also secured $200 million in a funding round led by Qatar's Investment Authority in March 2021. Known for its plant-based egg, the company was valued at $1.2 billion in March, and the valuation remains the same after the new investment.

The cultured meat market is growing rapidly and was estimated to value at USD 206 million in 2021, and increase with a CAGR of 15% till 2026. According to a Good Food Institute report, the sector received investments worth $360 million in 2020. The major players in the cell-based meat industry include Memphis Meats, Mosa Meats and Aleph Farms. 

Image Courtesy: GOOD Meat

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