Temasek-backed start-up Eat only raises US $ 200 million in funding

Plant-based egg maker Eat Just, Inc announced yesterday (March 23) that it has raised $ 200 million ($ 268.7 million) in a new round of funding led by the Qatar sovereign wealth fund.

Other investors include private equity firm Charlesbank Capital Partners and Vulcan Capital, co-founder of Microsoft Corp.

According to the company, the new funding will be used to increase capacity and expand into new markets as it seeks to meet growing demand for alternative protein products.

After the funding, representatives from Qatar Investment Authority and Charlesbank will join the board of directors of Eat Just.

The San Francisco-based company also counts Hong Kong mogul Li Ka-shing and Singapore state investor Temasek among its investors. It has raised over US $ 650 million since its inception in 2011 and is last valued at US $ 1.2 billion.

He is best known for his mung bean egg substitute called “JUST Egg” which is currently sold in the United States.

Laboratory-grown chicken / Image credit: Eat Just, Inc

In December of last year, the Singapore Food Agency (SFA) also gave him the green light to start selling lab-grown chicken meat in Singapore. According to the startup, the review and regulatory approval by the Singapore government is a “world first”.

The cell-culture chicken is expected to be produced under the Eat Just’s GOOD Meat brand through partnerships with Singaporean manufacturers, and will eventually be available in restaurants.

Last October, Eat Just also signed a partnership with a consortium led by investment management firm Proterra to build a new production plant in Singapore.

This is Eat Just’s first Asian production site and the largest of its kind in Singapore, which will help the company meet the growing demand for herbal alternatives in the region.

Featured Image Credit: Eat Just, Inc

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