Robert Downey Jr. Joins $40 Million Investment Round For Plant-Based Bacon

19 April 2021

Celebrity investors in plant-based companies is a major factor leading to the industry’s growth. After Jay-Z, Oprah Winfrey, Katy Perry, and Leonardo di Caprio, the Marvel icon Robert Downey Jr. has also joined in the initiative.

Downey Jr.’s Footprint Coalition Ventures recently funded a plant-based bacon startup called Atlast Food Co., along with investors like Viking Global Investors LP, Applegate, Stonyfield, Whole Foods, and Stray Dog Capital. The investment round, which was a result of a rapid growth in demand for its plant-based bacon, raised up to $40 million for the startup.

The Footprint Coalition Ventures is an initiative by the Avengers’ star to fund innovations that can aid in tackling climate change. In January, he spoke at the World Economic Forum, stating, “This global existential threat is not something that’s going to be solved by a smattering of elite mega-corporations. I think that paradigm must be smashed in favor of innovation by a broad set of new companies.”

Atlast uses mycelium, a root from mushrooms, to create plant-based bacon. The New York-based start-up has collaborated with a biotechnology company called Ecovative to develop this plant-based meat.

Atlast aims to use this funding to build the world’s aerial mycelium farm and scale-up its production to sell commercially.

Atlast debuted the plant-based bacon in the market in November 2020 through MyEats. Called MyBacon, their plant-based bacon has only six ingredients: mycelium, coconut oil, cane sugar, smoked flavors, beet juice for color, and sea salt.

“Atlast is creating a new category of plant-based foods by offering whole cut options. Mycelium, Atlast’s unique ingredient, is nutritious, versatile, and scalable. Consumers should get ready to see a lot more mycelium in their stores and on their plates,” states Lisa Feria, CEO of Stray Dog Capital.

Currently only selling in the U.S., Atlast is also planning to expand its distribution chain, aiming to cover markets such as Europe and Asia soon.

The Many Faces of Mycelium

Mycelium has grown in popularity in recent times, in both food and fashion spheres. The material has been used to create vegan mushroom leather by a number of biotechnology companies, including Bolt Threads and Ecovative. The former has also partnered with big names such as Stella McCartney, Hermes and Adidas to feature their sustainable and vegan material innovation.

Image Courtesy: Atlast Foods Co.