US-based start-up Meati strives for fungi domination in plant-based arena
22 Dec 2021 --- As plant-based NPD gains further industry traction, Meati, a start-up developed by two Ph.D. students from the University of Colorado Boulder, is tapping into the potential of fermented mycelium and the development of meat alternatives.
The company is promising growth in whole-cut and nutrient-dense products, which are tipped to be launched across the US in 2022. Meati is also striving to grow its revenue to US$1 billion by 2025.
The timing could not be more apt as plant-based NPD has seen exponential growth this year and continues to gain momentum.
Meati delivers 25 g of protein and more than one-third of daily fiber needs per 4.5 oz serving. The company claims it is lower in sodium and saturated fats than other plant-based meat offerings.
“Meati delivers a nutritionally dense whole-food protein but uses a small fraction of the ingredients used in most plant-based meats - the end product is essentially just mycelium with seasoning,” Tyler Huggins, co-founder of Meati, tells FoodIngredientsFirst.
The mycelium product offers whole-cut meats, structured like conventional cuts of meat.
Mushroom-based brainchild
Meati delivers a nutritionally dense whole-food protein.
Meati co-founders Justin Whiteley and Huggins took a mutual interest in studying mycelium as part of their university degrees. Initially, they looked at its ability to power batteries.
“After quite some time studying mycelium and its many applications, we had the idea to pivot and test how we could harness its structure to create a nutritious, complete protein meat, known today as Meati,” explains Huggins.
According to Huggins, their competitors use soy in their products which usurps seven times more land compared to Meati products to make the same protein.
“We’re excited to begin testing with key customers in early 2022, and from there will strategically scale across channels to make Meati more available and accessible to consumers nationally,” he details.
The company’s growth strategy involves forging retail partnerships and scaling production.
In other innovations using mushrooms, Chiber, the natural fiber taken from the stems of white button mushrooms, is being promoted as a natural extract by Chinova Bioworks.
Meanwhile, food-tech accelerator Eatable Adventures recently showcased realistic 3D printed plant-based steak, protein creation through fermentation and mycelium-based burgers.
Last June, food-tech company MycoTechnology, which works with the natural transformative power of mushrooms to make new-to-the-world food ingredients, closed a series D round of financing, which totals over US$120 million from investors.
By Inga de Jong
