Eat Just Secures New Funding Round to Boost JUST Egg Profitability and Expand Cultivated Meat Production

Eat Just has successfully closed a new financing round led by the Ahimsa Foundation, which is supported by VegInvest. While the total amount raised has not been confirmed, Bloomberg reports that the Ahimsa Foundation contributed $16 million. The funds will enable Eat Just, which has previously raised $850 million (including $270 million for its GOOD Meat subsidiary), to improve product quality and profitability. CEO Josh Tetrick emphasized the company’s commitment to creating plant-based alternatives, particularly through its flagship product, JUST Egg. Despite making progress, JUST Egg still faces challenges in achieving operational profitability. The company has seen growth, especially in the foodservice sector, where sales grew 15% and 39% in Q1 and Q2 of 2023, respectively. JUST Egg products are now available in over 48,000 retail locations across North America, with foodservice partnerships expanding its reach further.Efforts to improve margins include more efficient mung bean sourcing, scaling production, and enhancing the protein extraction process. Meanwhile, Eat Just’s GOOD Meat division is preparing to raise additional funds to build a large-scale facility in the U.S. for cultivated meat production. Source: agfundernews.com, 1 September 2024