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Thursday, October 21, 2021

Qatar goes vegan? Plant-based ‘Eat Just’ secures $200 million in Doha-led funding


Eat Just has created the US’ “fastest-growing” plant-based egg brand and the first in the world to market meats made out of animal cells instead of slaughtered livestock.

San Francisco-based Eat Just Inc revealed it has raised $200 million in funding led by Qatar Investment Authority (QIA), the Gulf state’s sovereign wealth fund.

The leading plant-based meat producer said the funds will be used to help the company accelerate its production to meet the growing demand for meat alternatives and reach more markets.

According to Reuters, representatives from QIA and Charlesbank will be joining Eat Just’s board.

“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,” said Josh Tetrick, co-founder and CEO of Eat Just.

Investors that joined Qatar’s sovereign wealth fund included private investment firm Charlesbank Capital Partners and Microsoft Corp co-founder Paul Allen’s Vulcan Capital.

Read also: Qatar set for ‘rotating, eco-floating’ hotel by 2025

Established in 2011, Eat Just is America’s “fastest-growing” plant-based egg brand, “JUST Egg”, and the first to market meats made out of animal cells. Its famous vegan eggs are made out of mung beans, providing an alternative to its plant-based food lovers.

The company has a large team of scientists and chefs working towards finding more meat alternatives.

Eat Just also received approval from Singapore last year to sell its lab-grown chicken meat, marking the world’s first regulatory approval for meat that does not come from slaughtered animals.

Since its establishment, the food tech company has raised more than $650 million.

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