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Leaders of Applegate, Stonyfield and Whole Foods join investors in Series A round.
April 20, 2021
Atlast Food Co., the mycelium food company growing the future of plant-based meats, announced it has raised $40 million in a Series A round to develop and supply whole cut plant-based meat to partners around the globe, including directly to consumers through its own brand MyEats. Viking Global Investors led the round with participation from 40 North, AiiM Partners, Senator Investment Group, Stray Dog Capital, Footprint Coalition Ventures and others. Also joining were the leaders and founders of food and CPG companies, including Applegate, Stonyfield, and Whole Foods. This funding will support the further development and scaling of this technology and team.
"This investment will allow us to meet the incredible demand we've felt for our product," said Stephen Lomnes, president of Atlast Food Co. "We are building the largest mycelium production facility in the U.S. to provide consumers nationwide with a tastier alternative to their favorite animal proteins."
The majority of meat sold today — like bacon, chicken breast, and steak — is considered "whole cut," yet most plant-based meats are ground, extruded analogs of their animal counterparts and few offer the experience, texture, and flavor profile of whole-cut meats. Atlast is partnering with the pioneers of mycelium technology, Ecovative, to expand its current production capacity and supply partners throughout the CPG, food service and grocery industries with plant-based meats that can be flavored to give consumers an uncompromised experience. This investment will speed up both the discovery and production process for Atlast and MyEats by supporting the construction of the world's largest Aerial Mycelium farm.
"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," said Lisa Feria, CEO at Stray Dog Capital.
Stephen McDonnell, founder of Applegate Farms, commented, “I’ve spent the last thirty years working to bring sustainable meat to consumers around the nation. The Atlast team is advancing that mission for the 21st century to give today's brands and consumers new plant-based alternatives that mimic the texture and flavor of whole cut meats.”
While consumer adoption of plant-based alternatives has skyrocketed, none of the existing products have successfully recreated the multi-sensory experience of eating a whole cut of meat. Current offerings in the vegan and vegetarian market have failed to replicate the caramelized, rich brown crust from a proper sear, the tender juicy center, and the mouthfeel of fatty and savory flavors that come when chewing. MyEats’ first product is a plant-based bacon that offers all the taste, crunch, and sizzle of pork bacon, but is made from just six ingredients.
"I've been stocking MyEats’ MyBacon strips since November 2020 and it continues to sell out every week, usually in 48 hours. The product tastes so much like bacon we decided to sell it alongside the real thing rather than with the other plant-based ground meats," said Mo Durr, meat department manager at Honest Weight Food Co-op, an Albany, NY-based grocer and the first retailer to stock MyBacon strips.
The announcement comes after a year of immense growth for Atlast. The company launched its first product on store shelves in November 2020 and is already working with major brands to supply its plant-based bacon product at commercial scale.
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