Alibaba-backed investor propels alternative protein with US$25M Eat Just deal

17 Aug 2022 --- Eat Just has netted a US$25 million investment from China-focused private equity firm C2 Capital Partners (C2), whose anchor investor is the Alibaba Group.

According to C2, this is the company’s first investment and partnership in the alternative protein sector. The new funding is currently supporting Eat Just’s go-to-market strategies, sales, branding, consumer insights, hiring and regulatory approach in China.

Eat Just’s popular plant-based egg brand, JUST Egg, launched in China on e-commerce platforms like Alibaba-owned Tmall.com in 2019. The mung bean-based product  requires 70% less surface and groundwater and has a 40 percent lower carbon footprint than chicken egg production, highlights the company.

Since then, it has been growing its brand and business, primarily in Shanghai.

Meanwhile, Eat Just’s GOOD Meat division – specializing in cell-based meat products – won regulatory approval and is currently being sold in Singapore. The company held preliminary conversations with Chinese officials and is now preparing for market entry in the US. 

Shanghai street vendors sell plant-based versions of jianbing, a traditional Chinese street food similar to crêpes which is popular for breakfast.

However, the company says it has held preliminary conversations with Chinese officials and is preparing for market entry in the US. 

China’s sustainable food blueprint
This move closely follows the inclusion of both of Eat Just’s core product categories – plant-based eggs and cultivated meat – in China’s national blueprint for food security, part of the country’s wide-ranging five-year plan, for the first time.

China is the world’s largest egg-producing country, accounting for more than 30% of the global market and is the largest consumer of meat in the world, making up about 30% of that industry.

“We are grateful to partner with C2 to grow our business in China. Their unique market insights and know-how include logistics, branding, marketing omnichannel sales and distribution and last-mile delivery,” says Josh Tetrick, co-founder and CEO of Eat Just.

“We are excited to support alternative protein pioneer Eat Just’s mission and to accelerate the growth of their innovative products and technologies in China by leveraging the unique insights and resources of the C2/Alibaba ecosystem,” adds C2 managing partner Steve Lin.

Reimagining China’s favorite breakfast
Aside from online sales of JUST Egg in China, almost 30 street vendors throughout Shanghai sell plant-based versions of jianbing, a traditional Chinese street food similar to crêpes which is popular for breakfast.

The vendors sometimes sell thousands of JUST Egg jianbing per week

In addition, a custom-built JUST Egg caravan has frequently appeared at weekend markets around Shanghai. In 2020, the company opened China’s first plant-based culinary studio, where chefs from some of the city’s best restaurants taught people how to cook plant-based dishes.

Edited by Gaynor Selby