US-based Eat Just Inc., a company that applies cutting-edge science and technology to create healthier and sustainable foods, raised US$ 200 million on 23 March 2021.
Investors: The funding round was led by the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, with participants including Charlesbank Capital Partners and Vulcan Capital, the investment arm of the estate of Microsoft co-founder and philanthropist Paul G. Allen.
Purpose of the funding: The funds raised will be utilized to build capacity for Eat Just’s pioneering products. It will also be used for research and development programs and expand into international markets.
About Eat Just
Founded in 2011 by Josh Balk and Josh Tetrick, Eat Just offers a plant-based egg substitute with an aim to provide healthy and nutritional food alternatives. Its cutting-edge science and technology create healthier and more sustainable foods. Their key ingredient is the protein from the mung bean which is cholesterol-free, non-GMO and is packed with as much protein as is present in animals. Its ingredients also use less water and emit less CO2 as compared to conventional animal sources. The company is headquartered in San Francisco, California.
Eat Just claims to have experienced record-breaking retail sales in the first months of 2021. Its product – JUST Egg was the most popular. Its fluffy, pre-baked folded format, ideal on top of toast or in a sandwich debuted in April 2020 and has been in demand ever since. It also became the best-selling frozen breakfast item at Top-five U.S. supermarkets.
The company has many achievements and laurels to its name like – Entrepreneur’s “100 Brilliant Companies,” CNBC’s “Disruptor 50” and a World Economic Forum Technology Pioneer. JUST Egg has been named as Popular Science’s “100 Greatest Innovations” and Fast Company’s “World Changing Ideas.”
What the CEO has to say: “We are very excited to work with our investors to build a healthier, safer and more sustainable food system. Their knowledge and experience partnering with companies that are transforming numerous industries were fundamental in our decision to partner with them.” — Josh Tetrick, co-founder and CEO of Eat Just.
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