Eat Simply, the purveyor of eggless eggs and mayonnaise and the primary government-approved vendor of lab-grown hen, has raised $200 million in a brand new spherical of funding, the corporate stated.
The funding was led by the Qatar Funding Authority, the sovereign wealth fund of the state of Qatar, with extra participation from Charlesbank Capital Companions and Vulcan Capital, the funding arm of the property of Microsoft co-founder Paul G. Allen.
Since its launch in 2011 as Hampton Creek, the corporate has raised greater than $650 million all to construct out capability for its egg substitute merchandise and its new line of lab-grown meat.
“We’re very excited to work with our traders to construct a more healthy, safer and extra sustainable meals system. Their data and expertise partnering with corporations which might be reworking quite a few industries had been elementary in our determination to accomplice with them,” stated Josh Tetrick, co-founder and CEO of Eat Simply, in a press release.
Eat Simply’s evolution hasn’t been with out controversy. In 2017, the corporate and its chief government withstood a failed coup, which pressured the firing of a number of executives. The corporate additionally noticed its whole board resign within the aftermath of these firings, solely to switch them with a brand new slate of administrators months later.
Within the aftermath, Hampton Creek rebranded and refocused. As of late the corporate’s merchandise fall into two considerably associated classes. There’re the plant-based egg substitute merchandise and eggless mayonnaise and the lab grown hen merchandise that are supposed to change poultry farmed hen meat.
For the reason that egg aspect of Eat Simply’s hen and egg enterprise positively got here first, it’s price noting that the corporate’s merchandise are bought in additional than 20,000 shops and 1,000 foodservice places. because it started promoting the product, the corporate has moved greater than 100 million eggs to roughly a million U.S. households.
The corporate’s eggs are additionally on provide in Dicos, a quick meals chain in China, and it’s obtained a deal to place out a sous vide egg substitute product with Delicacies Options. The eggs are additionally out there in Peet’s Espresso places across the nation and Eat Simply has expanded its eggless distribution platform into Canada.
Then there’s the corporate’s GOOD Meat product. That was out there for a short while in Singapore. The corporate expects to slash manufacturing prices and develop its industrial operations whereas engaged on other forms of meats as effectively, in keeping with a press release.
It’s a great distance from the place the Eat Simply began, when it raised its first tens of millions from Khosla Ventures and Founders Fund.