• Meati Foods, a Colorado-based startup producing plant-based meat alternatives by utilizing mycelium, has raised USD 150 million in a Series C funding round led by Revolution Growth with participation from CPP Investments, Grosvenor, Wellington Management, and Cultivate Next (Chipotle Mexican Grill’s new venture fund). The company was valued at USD 650 million after this funding round, which brought the total funds raised to USD 278.6 million.

• The funds are expected to facilitate the completion of the company’s 100,000-square-foot mega ranch in Thorton, Colorado as well as aid its growth strategy, which includes national omni-channel distribution by end of 2023, diversification of product portfolio, and breaking ground on its “Giga Ranch” facility, which is claimed to have an annual production capacity in the range of hundreds of millions of pounds.

AnalystQuickTake: 2022 has been an eventful year for the company thus far with the launch of its products for DTC purchases in March and the launch of mycelium-based whole-cut steak in May. Recently, the company entered into retail distribution through select Sprout Farmers Market locations in the US with plans to expand nationwide by the end of 2022 as well as launching at Birdcall (US Fast food chain) locations. This is in line with its goal of national omni-channel distribution, which plans to get Meati products to 10,000 doors by 2023 as well as reaching USD 1 billion in revenue by 2025.