Eat Simply raised $200 million in a funding spherical led by the Qatar Funding Authority (QIA), which is the sovereign wealth fund of Qatar. Different new traders embrace Charlesbank Capital Companions and Vulcan Capital, which is the funding arm of the property of Microsoft co-founder Paul G. Allen.
With this new funding spherical, representatives from the QIA and Charlesbank will be part of Eat Simply’s board. The funds will assist the corporate construct capability for its merchandise, speed up R&D applications and develop its manufacturers in worldwide markets. In keeping with Eat Simply, the corporate has raised greater than $650 million so far.
Eat Simply has been one of many extra lively corporations within the animal alternate options section within the final yr, promoting its mung-bean-based Simply Egg in a number of corporations, each in retail and foodservice places, in addition to receiving the world’s first regulatory approval to promote cell-based rooster in Singapore.
Eat Simply is just firm proper now making animal various merchandise in two various codecs — each plant-based and cell-based — and this funding is more likely to advance each.
On the plant-based facet, the corporate has made massive strides to scale and lengthen its Simply Egg merchandise. In December 2019, it purchased its personal manufacturing facility in Minnesota. In keeping with Nielsen statistics offered by Eat Simply, Simply Egg has a penetration of 1 million U.S. households. The corporate says it is bought the equal of 100 million eggs worldwide and owns 99.2% of the plant-based egg class. Eat Simply additionally lowered the buyer price of its pourable Simply Egg by almost 50%, and has launched in each precooked folded and sous vide chunk codecs.
Eat Simply has labored to deliver Simply Egg to customers past the U.S. as nicely. The corporate presently has a number of worldwide manufacturing and advertising and marketing agreements. Its first partnership on this vein was with Italy’s Eurovo in July 2018, after which with German poultry participant PHW Group in early 2019. Final March, the corporate introduced new partnerships to deliver Simply Egg to Asia, Latin America and Europe. And Simply Egg launched in grocery shops in China in 2019. Earlier this month, it launched in Canada, and the corporate says will probably be in 1,000 shops there by Easter.
Simply Egg can be getting on extra restaurant menus worldwide. In america, the corporate will see an enormous growth at foodservice retailers and eating places by a partnership with Michael Meals, a division of Submit Holdings that is without doubt one of the nation’s main suppliers of egg merchandise to foodservice. It is accessible at many U.S. eating places — together with chains like Peet’s Espresso and Saxby’s — in addition to massive eating places in different nations like China and Canada.
On the cell-based meat facet of Eat Simply’s enterprise, the corporate is simply getting began with precise merchandise. Whereas Eat Simply’s cell-based rooster bites have solely been accessible on the market in Singapore since late final yr, CEO Josh Tetrick informed Meals Dive in an interview the corporate is working with governments within the U.S. and a 3rd location to obtain regulatory approval. Whereas there isn’t a printed regulatory approval course of for cell-based meat in america but, corporations within the house appear assured that it might turn into finalized as quickly as this yr — and a number of other have been working with regulators in order that they may rapidly have merchandise available on the market.
Funding for cell-based meat corporations skyrocketed in 2020. Greater than $360 million was invested within the section final yr — 72% of all the funding cell-based meat as a complete has ever obtained, in response to the Good Meals Institute. A number of of those funding rounds went towards constructing pilot vegetation to supply massive quantities of meat, as corporations put together to enter the market.
It isn’t clear if Eat Simply can be utilizing these funds in a similar way, however the firm mentioned in an announcement that in coming years, it’ll dramatically cut back cultured meat manufacturing prices, scale business manufacturing operations and advance its work on different sorts of cell-based meat. Eat Simply has a partnership with Japanese beef producer Toriyama to create cell-based wagyu beef, a sought-after and unique steak.
Whereas Eat Simply is a non-public firm and doesn’t report its earnings, it is clear that earlier funding rounds and partnerships have executed quite a bit to spice up gross sales and publicity. It could possibly be on the trail to extra income with cell-based meat; Eat Simply projected it might turn into a $13 billion market by 2030. This new funding, coupled with different enterprise strikes the corporate is making, might transfer it ahead. Final yr, Tetrick informed Reuters the corporate was on observe to make a revenue in 2021, and should then take into account an IPO.