Eat Just secures new funds to advance animal-free innovation in global food systems
(All image credits: Eat Just).04 Sep 2023 --- Alternative protein player Eat Just has scored a new round of financing to accelerate the application of science and technology for healthier and more sustainable food formulation. The funding will further aid the company in advancing and improving the quality and profitability of its products.
The investment was led by VegInvest/Ahimsa Foundation, which partners with innovative companies like Eat Just to remove animals from the food system and other industries.
Financial details of the deal have not been disclosed.
“We founded this company to take the animal out of the equation, and today, we’re proud to continue this vital work with an investor who has shown an unwavering commitment to this ideal. Our work is not easy and not certain, but it’s what is required,” remarks Josh Tetrick, co-founder and CEO at Eat Just.
VegInvest/Ahimsa Foundation’s initial investment and alliance helped Just Egg, Eat Just’s plant-based egg brand, to move from lab-scale to commercial launch and grow to the point of selling the equivalent of 400 million eggs. The initiative reportedly helped save more than 14 billion gallons of water, 69 million kilograms of CO2e and 21,000 acres of land.
“Eat Just plays a critical part in building a kinder, safer food system. We’re proud of this investment and the continued partnership to make products that consumers love without causing the harm inherent in animal agriculture,” notes Shaleen Shah, President of the Ahimsa Foundation.
Plant-based era expands
The food industry is expanding its horizon by leveraging science and technology to formulate innovative products such as plant-based alternatives to eggs, besides meat and milk.
The food industry is expanding its horizon by leveraging science and technology to formulate innovative plant-based alternatives.In a conversation with Food Ingredients First earlier this year, CP Kelco highlighted that alternative proteins will continue to be at the forefront of R&D and will likely coexist with animal proteins in the future, even in hybrid formats.
Last year, Eat Just received approval from the European Commission for its main ingredient – mung bean protein that paved the way for launching its Just Egg product in Europe.
Companies are also exploring ingredients to formulate alternatives to eggs in products such as mayonnaise and dressings. For instance, in 2021, Israel-based ChickP created chickpea isolate as an alternative to eggs in recipes.
These developments come when the avian flu outbreak is causing egg prices to soar at unprecedented levels.
Just Egg is the dominant player in the plant-based egg space, accounting for more than 99% of the category and the brand’s repeat purchase rate “remains strong at 51%,” underscores Eat Just.
Scaling up the business
Alt protein brands focus on bringing new concepts periodically to pique consumers’ interest.
Last year, Eat Just received approval from the European Commission for its main ingredient – mung bean protein to launch its Just Egg product in Europe.For instance, last month, Food Ingredients First reported the firm’s partnership with Korean alternative meat brand Unlimeat on innovative vegan products targeting Asian markets.
In 2022, the alt-protein giant received a US$25 million investment from China-focused private equity firm C2 Capital Partners, which propelled its sustainable food-producing efforts.
Good Meat, Eat Just’s cultivated meat division, received a landmark US regulatory approval this summer, which marked the company’s first sale of its chicken to American consumers.
The approval builds on the firm’s first-in-the-world clearance and commercial sales in Singapore in late 2020.
Currently, the team is focusing on addressing critical scale-up challenges to produce tens of millions of pounds of meat before the end of the decade, underscores the alt-protein formulator.
By Insha Naureen
