TORONTO – Subway is the latest foodservice chain to dive into the plant-based protein space with its Beyond Meatball Marinara sub. The company said 685 participating Subway restaurants in the United States and Canada will begin offering the sandwich in September as a limited-time offer.
Subway said the product launch is the result of a new culinary innovation partnership with alternative protein maker, Beyond Meat, to test exclusive plant-based protein options.
“Subway appeals to so many fans because we truly offer something for everyone,” said Len Van Popering, Subway’s Chief Brand and Innovation Officer. “Our guests want to feel good about what they eat, and they also want to indulge in new flavors. With our new plant-based Beyond Meatball Marinara sub, we are giving them the best of both worlds. And, we are particularly excited about debuting a co-developed product that can't be found anywhere else: the Beyond Meatball made just for Subway.”
The Beyond Meatball Marinara features marinara sauce, grated parmesan cheese and the first-ever Beyond Meatball created just for Subway served on toasted bread.
Earlier this week, Beyond Meat Inc. finalized its sale of 3,737,500 shares at a public price of $160. Beyond Meat put up 250,000 shares itself and 3,487,500 more shares came from existing stockholders. Included in that is 487,500 shares sold by existing stockholders under an option granted by the underwriters.
The company received $38.5 million in net proceeds from the sale of Beyond Meat shares, but will not receive proceeds from existing shareholders.
The company’s first IPO was initiated earlier this year. During that public offering in April, Beyond Meat priced its stock at $25 per share.
Last week, Beyond Meat also announced its fiscal second quarter earnings, which included a 287 percent net revenue increase at $67.3 million, compared to $49.9 million in the second quarter of 2018.
Gross profit also increased to $22.7 million compared to $2.6 million in the previous year.
Beyond Meat frozen and plant-based products may be found in more than 32,000 retail and foodservice outlets across the US. The success of The Beyond Burger and growing distribution of the company’s products has attracted a variety of investors, including Bill Gates and Twitter co-founders Biz Stone and Evan Williams.