July 21 (Reuters) - Meati Foods said on Thursday it was valued at $650 million after its latest funding round, as the Colorado-based alternative meat company seeks to expand its production and retail footprint.
Venture capital fund Revolution Growth led the round, which fetched $150 million in proceeds for Meati. Other investors such as Cultivate Next, the venture capital fund of Chipotle Mexican Grill, also participated.
Meati was founded in 2017, although its first product line Eat Meati hit retail shelves only this month.
Plant-based protein companies saw massive growth during the pandemic, but sector studies have suggested the industry is yet to convincingly win over shoppers.
Shares of vegan meat maker Beyond Meat Inc have dropped over 40% so far this year, while the Nasdaq Composite Index has plunged 25%.
Besides diversifying Meati’s product portfolio, the funds will also be used for the completion of its “Mega Ranch” in Thornton, Colorado, the company said.
That facility is expected to start shipping products in late 2022, Meati added.
Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri
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