Meati Valuation, Funding & Investors

Meati is valued at $650M as of July 2022.

See full Meati profile

Last Meati valuation

$650M

Series C · Jul 2022

Last Meati funding round

$100M

Series C · May 2024

Cumulative funding Meati raised

$355M

across 6 funding rounds

Key investors in Meati

  • Congruent Ventures
  • Prelude Ventures
  • Revolution Growth
  • Social Starts
  • Fifty Years
  • Bond

Meati Overview

About Meati

Meati is a Boulder, Colorado-headquartered producer of mushroom mycelium-based meat alternatives. Products like Steak, Cutlet, and Crumble replicate chicken and beef textures using whole-food fungi grown in vertical farms. Available in U.S. retailers including Kroger and Whole Foods, Meati scaled production at a Pueblo facility opened in 2022. Founded in 2016 as Emergy Foods.


Founded

2016

HQ

United StatesBoulder, CO

Website

meati.com

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$650M (Jul 2022)

Meati Valuation

Meati is currently valued at $650M, based on its Series C in July 2022.

The $150M round was led by Revolution Growth, with participation from Wellington Management, Cultivate Next, CPP Investments, Grosvenor Food & AgTech, Chipotle and 1 other investor.

Meati's valuation has grown 7.4x from $88M at its Series A in August 2020 to $650M in July 2022, across 2 priced rounds.

Meati valuation by funding round

Meati valuation by funding round
DateStageValuation
Jul 2022Series C$650M
Aug 2020Series A$88M

Meati Funding History

Meati has raised a total of $355M across 6 funding rounds.

Meati's first fundraising round was a $5M seed round in July 2019. The most recent completed round was a $100M Series C in May 2024.

Meati funding rounds

Meati funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2024Series CGrosvenor Food & AgTech (lead); Revolution Growth; Prelude Ventures; Congruent Ventures; Bond$100M-Meati Foods is a Boulder, Colorado-based fungi-based meat alternative company that produces mycoprotein products marketed under the Eat Meati brand. The company operates a 100,000-square-foot production facility called the Mega Ranch, designed to produce tens of millions of pounds of protein annually at full capacity. On May 8, 2024, Meati announced a $100 million C-1 funding round led by existing investor Grosvenor Food & AgTech, joined by other existing investors including Prelude Ventures, BOND, Revolution Growth, and Congruent. The capital was intended to accelerate retail expansion and manufacturing scale. Co-founder Tyler Huggins transitioned to an advisory role following the round, with Phil Graves (formerly CFO, previously from Patagonia) taking over as CEO in early 2024. By May 2024, Meati had grown from six retail locations to nearly 7,000 stores nationwide, including major retailers such as Kroger's family of stores, Whole Foods Market, Super Target, Sprouts Farmers Market, Meijer, and Wegmans. The company's distribution increased 130% year-over-year from 2023 to 2024. In 2024, Meati nearly doubled its revenues compared to 2023, though specific revenue figures were not disclosed publicly. The company faced significant operational challenges, implementing multiple rounds of layoffs between 2022 and 2024 to improve path to profitability. Management indicated in early 2025 that positive gross margins were expected by year-end 2025. However, by May 2025, Meati was reportedly in discussions to sell the business as a going concern for approximately $4 million, significantly below its $365 million in cumulative funding raised.
Jan 2023Series CRevolution Growth (lead); Congruent Ventures; Rockefeller Capital Management$22M-Meati Foods, a Colorado-based public benefit corporation founded in 2017, produces animal-free meat alternatives from mycelium, the root structure of mushrooms, offering products like cutlets, steaks, nuggets, and jerky positioned as clean-label, whole-food proteins. The company opened its 100,000-square-foot 'Mega Ranch' production facility in January 2023, financed partly by a prior $150M Series C in 2022 and a $22M Series C extension in January 2023 led by Revolution Growth with participation from Rockefeller Capital Management, bringing total funding over $250M at that time. This $22M round supported scaling operations and product development at the fully-integrated facility, capable of producing over 45M pounds annually once ramped up, with initial output targeting tens of millions of pounds by late 2023. Meati aimed to expand retail presence, starting from a handful of partners like Sprouts and restaurants, toward national distribution. Investors included prior backers like BOND and Acre Venture Partners from earlier rounds ($25M Series A in 2020, $50M Series B in 2021). Traction included products in nearly a dozen restaurants and recent grocery debuts, with ambitions to lead the plant-based meat category by 2025 and achieve a $1B revenue run rate by then, expecting tens of millions in 2023 revenue and hundreds of millions in 2024 per CEO statements. Later developments included a $100M Series C-1 in May 2024 led by Grosvenor Food & AgTech, expanding to 6,000+ stores amid challenging market conditions for plant-based meats, and total funding reaching $278.6M including debt and grants.
Jul 2022Series CRevolution Growth (lead); Wellington Management; Cultivate Next; CPP Investments; Grosvenor Food & AgTech; Chipotle; Congruent Ventures$150M$650MMeati Foods, a Colorado-based food technology company, develops Eat Meati brand proteins made from mycelium (mushroom root). The company produces whole-cut plant-based meats positioned as nutritionally superior alternatives with complete protein, higher fiber, and no cholesterol compared to both conventional meat and existing plant-based alternatives. In July 2022, Meati closed a $150 million Series C funding round led by Revolution Growth, with participation from CPP Investments, Grosvenor Food & AgTech, Wellington Management, and Chipotle's venture fund Cultivate Next. This brought total funding to $278.6 million. At the time of the round, the company had 150 employees and had recently made its retail debut in Colorado and Arizona restaurants after primarily selling online, experiencing multiple months of record sellouts. The funding enabled completion of Meati's 100,000-plus square-foot Mega Ranch facility in Colorado with capacity to produce over 45 million pounds of product annually, and initiated construction of a larger Giga Ranch facility designed for hundreds of millions of pounds of annual production. CEO Tyler Huggins outlined aggressive expansion plans to reach 10,000 retail doors by end of 2023 and target a $1 billion revenue run rate by 2025, positioning the company as a potential market leader in plant-based meat in the United States.
Jul 2021Series BAcre Venture Partners (lead); Bond (lead)$50M-Meati Foods, a Boulder-based food tech company founded in 2017, produces mushroom-based (mycelium) meat alternatives positioned as nutritious, unprocessed protein products that mimic animal meat in texture and flavor while using significantly less water and land. The company raised $50 million in its Series B funding round in July 2021, co-led by Acre Venture Partners and BOND, with participation from earlier investors including Congruent Ventures, Prelude Ventures, and Tao Capital. The oversubscribed round was intended to enhance marketing efforts, expand distribution networks, and address manufacturing scale challenges through in-house facility construction to meet demand for hundreds of millions of pounds of product. This Series B followed a $28.2 million Series A in August 2020 led by Acre Venture Partners to scale production and expand product lines, a $18 million debt financing in April 2021 for operational expenses and infrastructure, and earlier seed funding. Meati aimed to produce the equivalent of 4,500 cows overnight at scale, targeting broad market penetration from small diners to big-city restaurants. The company faced financial difficulties by 2025, including lender actions over unmet targets and layoffs, after raising over $374 million total by then, with plans for a mega ranch in Thornton funded by subsequent Series C capital from investors like Chipotle and Revolution Growth.
Aug 2020Series AAcre Venture Partners (lead); Tao Capital Partners; Social Starts; John M. Foraker; Jonathan Neman; Almanac Insights; Prelude Ventures; Fifty Years; Nicolas Jammet; Congruent Ventures$28M$88MMeati is a Boulder, Colorado-based foodtech company founded in 2018 that produces mycelium-based whole-cut meat alternatives as a sustainable protein solution. The company raised $28.2 million in Series A funding in August 2020, led by Acre Venture Partners and joined by other investors including Congruent Ventures. The stated motivation for this round was to scale production capabilities and expand product lines. Meati subsequently raised significant additional capital, including a $150 million Series C in July 2022 that was valued at $550 million according to later reporting. The company built a 100,000-square-foot production facility called the "Mega Ranch" to produce tens of millions of pounds of protein annually, and by 2024 had raised over $400 million cumulatively from 19+ funding rounds.
Jul 2019SeedCongruent Ventures (lead); Social Starts; Trust Ventures; Bluestein Ventures; New Crop Capital; The March Group; Prelude Ventures; Fifty Years; better ventures$5M-Meati raised $4.8 million in a seed round in July 2019 led by Congruent Ventures, with participation from investors including Better Ventures, Bluestein Ventures, Fifty Years, New Crop Capital, Prelude Ventures, Social Starts, The March Group, and Trust Ventures. The funding supported development of initial product offerings and establishing market presence for its mycelium-based, whole-muscle plant-based meat alternatives. A separate $1.25 million grant from the National Science Foundation was awarded in July 2019 for research and development. Meati produces nutritious, clean, all-natural whole-muscle meat alternatives using mycelium, aiming to provide sustainable protein options without compromising on health, taste, or environmental impact. The company progressed with a $28 million Series A in August 2020, $50 million Series B in July 2021 co-led by BOND and Acre Venture Partners, and later Series C extensions including $100 million led by Grosvenor Food & AgTech in May 2024 and $150 million led by Revolution Growth.

Who has invested in Meati?

23 investors have backed Meati across its funding rounds, including Congruent Ventures, Prelude Ventures, Revolution Growth, Social Starts, Fifty Years and Bond.

Lead investors include Grosvenor Food & AgTech, Revolution Growth, Acre Venture Partners, Bond and Congruent Ventures.


Meati Investors

Investors in Meati by funding rounds participated
InvestorHQRoundsRoleFirst check
Congruent VenturesUnited StatesSan Francisco, CA5LeadJul 2019
Revolution GrowthUnited StatesUnited States3LeadJul 2022
Prelude VenturesUnited StatesSan Francisco, CA3ParticipantJul 2019
Social StartsUnited StatesSan Francisco, CA2ParticipantJul 2019
Acre Venture PartnersUnited StatesUnited States2LeadAug 2020
Fifty YearsUnited StatesSan Francisco, CA2ParticipantJul 2019
Grosvenor Food & AgTechUnited KingdomLondon2LeadJul 2022
BondUnited StatesSan Francisco, CA2LeadJul 2021
Tao Capital PartnersUnited StatesSan Francisco, CA1ParticipantAug 2020
Wellington ManagementUnited StatesBoston, MA1ParticipantJul 2022
Trust VenturesUnited StatesAustin, TX1ParticipantJul 2019
Cultivate NextUnited StatesLos Angeles, CA1ParticipantJul 2022
Bluestein VenturesUnited StatesChicago, IL1ParticipantJul 2019

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Meati Competitors

Meati competitors include listed companies like Gujarat State Fertilizers and Anhui Huaheng, and private ones like The EVERY Company, Believer Meats, Remilk and Tidal Vision.

Public and private companies comparable to Meati
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
The EVERY CompanyUnited StatesSan Francisco, CAPrivate--$586M-
Believer MeatsIsraelJerusalemPrivate--$900M-
RemilkIsraelTel AvivPrivate--$325M-
Tidal VisionUnited StatesSeattle, WAPrivate--$650M-
Gujarat State FertilizersIndiaIndiaPublicly listed$1.1B$97M$633M0.4x
Anhui HuahengChinaChinaPublicly listed$427M$56M$622M2.0x

Meati Public Comps

Meati is still privately-owned, but its public comps include Dodla Dairy, Kasapreko, Gujarat State Fertilizers, Rogers Sugar, Anhui Huaheng, SunRice, Ülker, Mama's Creations, ForFarmers and Once Upon a Farm.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Dodla Dairy$430M$36M1.4x1.3x17.0x17.5x
Kasapreko$381M-1.9x---
Gujarat State Fertilizers$1.1B$97M0.4x0.4x5.1x6.0x
Rogers Sugar$941M$99M1.0x1.1x9.5x8.2x
Anhui Huaheng$427M$56M2.1x2.0x16.2x12.1x
SunRice$1.3B$101M0.6x0.6x7.4x8.0x
Ülker$2.3B$214M0.7x0.6x7.5x4.0x
Mama's Creations$172M$12M2.9x2.4x41.0x24.3x

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Common questions about Meati

When was Meati founded?Meati was founded in 2016.
Where is Meati headquartered?Meati is headquartered in Boulder, CO, United States.
Is Meati publicly listed?No, Meati is a private, VC-backed company.
What is Meati's valuation?Meati was last valued at $650M in its Series C in July 2022.
How much funding has Meati raised?Meati has raised $355M across 6 funding rounds.
What was Meati's last funding round?Meati's last funding round was a $100M Series C in May 2024, led by Grosvenor Food & AgTech.
Who are Meati's investors?Meati's investors include Congruent Ventures, Revolution Growth, Prelude Ventures, Social Starts, Acre Venture Partners, Fifty Years, Grosvenor Food & AgTech, Bond, Tao Capital Partners, Wellington Management and 13 others.
Which companies are comparable to Meati?Companies comparable to Meati include The EVERY Company, Believer Meats, Remilk, Tidal Vision, Gujarat State Fertilizers and Anhui Huaheng.

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