Eat Just raises $200m to boost capacity and drive R&D

Plant-based eggs and cultured meat product producer Eat Just has secured $200m in a new funding round led by the Qatar Investment Authority (QIA).

The investment will be used by the company to increase its production capacity, accelerate research and development (R&D) programmes and build its brands in key international markets.

The round was also joined by Charlesbank Capital Partners, Vulcan Capital and philanthropist Paul G Allen.

Eat Just co-founder and CEO Josh Tetrick said: “We are very excited to work with our investors to build a healthier, safer and more sustainable food system.

“Their knowledge and experience partnering with companies that are transforming numerous industries were fundamental in our decision to partner with them.”

Since its inception in 2011, Eat Just has raised more than $650m.

As part of the agreement, the QIA and Charlesbank will be joining Eat Just’s board of directors.

Earlier this year, Chinese fast-food chain Dicos has agreed to include Eat Just’s JUST Egg product in its offering’s menu.

BofA Securities served as the lead placement agent while ABG advised on the investment for this transaction.

Last December, Eat Just obtained regulatory approval to sell its cultured chicken as an ingredient in chicken bites in Singapore.

The company claims that its cultured meat has been created directly from animal cells and is safe for human consumption.

With this regulatory clearance, the company will now be able to commercially launch its products under the Good Meat brand in Singapore.

The cultured meat gained regulatory approval after a consultation and review process involving the Singapore Food Agency (SFA).