Plant-Based Egg Leader Eat Just Secures ‘Short-Term Boost’ Funding From Non-Profit

10 Dec 23 179 0 0

Plant-Based Egg Leader Eat Just Secures ‘Short-Term Boost’ Funding From Non-Profit

Cool Story - Plant-Based Egg Leader Eat Just Secures ‘Short-Term Boost’ Funding From Non-Profit

In a statement, Eat Just and its leadership in the industry "play a critical role in building a kinder, safer food system," according to Shaleen Shah, President of the Ahimsa Foundation. To create products that consumers love without contributing to the suffering associated with animal agriculture, we're proud of this investment and our ongoing cooperation.

The amount the corporation received was not mentioned in the release. A representative for Eat Just informed Green Queen that the company would not comment on the amount of the round when pressed on the subject. However, Bloomberg Businessweek, which broke the story first, claimed that $16 million came from the Ahimsa Foundation.

In addition, Satish Karandikar, principal at Ahimsa and VegInvest Trust, told Bloomberg that the funds were meant to "help Eat Just grow and become sustainable," adding that the company "needed this short-term boost" and that the "product is very good" and that the company just needed to "work on costs and logistics to make it profitable."

Eat Just has long had the support of organizations like Veginvest and the Ahimsa Foundation. With their initial investment and partnership, the non-profit organization helped pave the way for the commercial launch of JUST Egg, which has since sold the equivalent of 400 million eggs, saving more than 14 billion gallons of water, 69 million kilograms of CO2, and 21,000 acres of land. The organization is dedicated to supporting businesses that assist in the removal of animals from the food system.

Josh Tetrick, the co-founder and CEO of Eat Just, stated: "We started this business to remove the animal from the equation, and now, we're thrilled to continue this important work with an investor who has shown an unshakable commitment to this concept. Although difficult and uncertain, our work is necessary.

Over $850 million has been raised through Eat Just to date, $267 million of which went to GOOD Meat. Heavyweight venture capital firms like Vulcan Capital, Graphene Ventures, and K3 Ventures support the company, which was founded in 2011 under the moniker Hampton Creek. The Qatar Investment Authority, Singapore's Temasek, and Li Ka-shing's Hong Kong-based Horizon Ventures, among other foreign funds, have all invested in the company.

Eat Just, a leader in the alternative protein market and owner of the well-known chicken brand GOOD Meat, will be able to further advance improvements in product quality and profitability thanks to the recently received funds.

The business claims it presently has a 99% market share in the plant-based egg category, with a 51% rate of repeat purchases, and that its liquid and frozen patty vegan egg products are accessible at over 48,000 retail locations in North America.

According to the press statement, substantial launches in airlines, coffee shops, schools, and universities drove a 15% and 39% increase in food service sales for JUST Egg in the first and second quarters of this year, respectively.

The Good Food Institute (GFI), a research organization for the alternative protein sector, stated in a report from earlier this year that the plant-based egg category is "modest in size, yet growing at an exceptionally rapid rate—the fastest of any plant-based category, although on a relatively small base."

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