SAN FRANCISCO — Eat Just Inc. raised $200 million in a funding round led by the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.
Private investment firm Charlesbank Capital Partners also participated in the round, along with Vulcan Capital, the investment arm of the estate of Microsoft co-founder Paul G. Allen.
The $200 million round brings the company’s total funding to more than $650 million since its founding in 2011. Eat Just will use the investment to build capacity for its plant-based egg and cell-based chicken products, accelerate research and development programs and build its brand in key international markets.
“We are very excited to work with our investors to build a healthier, safer and more sustainable food system,” said Josh Tetrick, co-founder and chief executive officer of Eat Just. “Their knowledge and experience partnering with companies that are transforming numerous industries were fundamental in our decision to partner with them.”
The company plans to bring its Just Egg refrigerated and frozen formats to more consumers around the globe in 2021. Its pre-baked folded format, which launched in April 2020, has become the No. 1 selling frozen breakfast item at a top five US supermarket and the No. 1 selling frozen breakfast entree in the natural channel. It will introduce the folded product in retail and foodservice channels in Canada this spring.
Eat Just recently expanded its reach in China’s foodservice channel, with Chinese quick-service chain Dicos adding Just Egg to its menu earlier this year. In March, Peet’s Coffee partnered with Eat Just on the nationwide launch of a new Just Egg sandwich, featuring all plant-based ingredients.
The company also celebrated a milestone late last year when it secured the first-in-the-world regulatory approval for cell-based meat. Its Good Meat-branded cultured chicken was sold to consumers at a restaurant in Singapore.