Plant-based egg manufacturer Eat Just, Inc announced yesterday (March 23) that it has raised US$200 million (S$268.7 million) in a new funding round led by Qatar’s sovereign wealth fund.
Other investors include private investment firm Charlesbank Capital Partners and Microsoft Corp co-founder Paul Allen’s Vulcan Capital.
According to the company, the fresh funding will be used to boost capacity and expand into new markets as it looks to meet the growing demand for alternative protein products.
Following the funding, representatives from Qatar Investment Authority and Charlesbank will join Eat Just’s board.
The San Francisco-based company also counts Hong Kong tycoon Li Ka-shing and Singapore state investor Temasek among its investors. It has raised more than US$650 million since its inception in 2011, and is last valued at US$1.2 billion.
It is best known for its mung bean-based egg substitute called ‘JUST Egg’ that currently retails in the United States.
In December last year, the Singapore Food Agency (SFA) also gave it the green light to start selling its lab-grown chicken meat in Singapore. According to the startup, the Singapore government’s review and regulatory approval is a “world first.”
The cell-cultured chicken is set to be produced under Eat Just’s GOOD Meat brand through partnerships with Singaporean manufacturers, and will eventually be available in restaurants.
Last October, Eat Just also signed a partnership with a consortium led by investment management firm Proterra to build a new production facility in Singapore.
It marks Eat Just’s first Asia production site and the largest of its kind in Singapore, which will help the company meet the rising demand for plant-based alternatives across the region.
Featured Image Credit: Eat Just, Inc