May 15, 2023, San Francisco – True Ventures, Pangaea Ventures, Prosus Ventures, Top Tier Capital, Diamond Edge Ventures, SOSV/IndieBio, Solasta Ventures, Monde Nissin, Alumni Ventures, Gaingels, Meach Cove Capital, The House Fund, Hyphen Capital announced USD 30 million in Series B funding for Prime Roots, the industry leader in deli-style meats made from koji mycelium. This brings their total funding to about USD 50 million. Prime Roots can scale out and open deli counters and restaurants nationwide with the additional cash.
Prime Roots is the first and only firm targeting the deli case with a similar tiny texture of meat and its umami flavor manufactured from plants thanks to its groundbreaking and exclusive fermentation and food science technology. Popular deli items, including cracked pepper turkey, black forest ham, hickory bacon, salami, and pepperoni, were created with the help of renowned chefs to replicate the savory, meaty flavor and texture that consumers want from meat replacements. In addition, Prime Roots’ products are healthier than competing brands because they don’t include nitrates, preservatives, cholesterol, soy, or wheat.
Additionally, Prime Roots’ deli meats are made in three to five days instead of years for certain conventional meats, in keeping with its objective to sustainably satiate meat demands with better-tasting food. By reducing emissions and land use, a third-party impact lifecycle study indicated that Prime Roots’ methods are 89–92% more sustainable than those used to produce traditional meat.
“People want environmentally friendly meat options to taste and make them feel good. Taste, nutrition, and sustainability are all things that Prime Roots excels in, according to Kimberlie Le, founder, and CEO of Prime Roots. This additional funding “testifies to the market opportunity for the next generation of plant-based meats that meet consumer expectations while forging into traditional markets like a deli with disruptive innovation.”
Retail partners say that Prime Roots’ deli meat frequently sells out before lunch and that sales are pacing 5–10 times greater than competing plant-based substitutes, proving that consumers are persuaded.
With more than 300 million sandwiches consumed daily, the deli meat business in the United States is enormous and expanding quickly. Prime Roots products currently account for over 75% of the market’s deli meat choices with plant-powered bacon, turkey, ham, salami, pepperoni, and other deli meats.
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