US company Atlast raises $40M to expand production of mushroom based meat

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Last week we reported on Ecovative which raised $60 million to develop its mushroom technology to deliver fake meat, furnituire, fashion and more

Now another company that specialises in funghi tech, and is indeed partnering with Ecovative, has just attracted a very significant investment round.

Atlast Food Co. which is based in Albany, New York, has just announced a $40M Series A round to develop and supply whole cut plant-based meat to partners around the globe.

The company, which is best known via its own brand MyEats, secured the money via Viking Global Investors, which led the round alongside 40 North, a global industrial company, AiiM Partners, Senator Investment Group, Stray Dog Capital, Footprint Coalition, and others.. 

“This investment will allow us to meet the incredible demand we’ve felt for our product,” said Stephen Lomnes, President of Atlast Food Co. “We are building the largest mycelium production facility in the U.S. to provide consumers nationwide with a tastier alternative to their favorite animal proteins.”

In a press statement issued today the company said – The majority of meat sold today — like bacon, chicken breast, and steak — is considered “whole cut,” yet most plant-based meats are ground, extruded analogs of their animal counterparts and few offer the experience, texture and flavor profile of whole-cut meats. Atlast is partnering with the pioneers of mycelium technology, Ecovative, to expand its current production capacity and supply partners throughout the CPG, food service and grocery industries with plant-based meats that can be flavored to give consumers an uncompromised experience. 

“Atlast is creating a new category of plant-based foods by offering whole cut options. Mycelium, Atlast’s unique ingredient, is nutritious, versatile, and scalable  — consumers should get ready to see a lot more mycelium in their stores and on their plates,” said Lisa Feria, CEO at Stray Dog Capital.

“I’ve spent the last thirty years working to bring sustainable meat to consumers around the nation. The Atlast team is advancing that mission for the 21st century to give today’s brands and consumers new plant based alternatives that mimic the texture and flavor of whole cut meats,” said Stephen McDonnell, Founder of Applegate Farms.  

“I’ve been stocking MyEats’ MyBacon since November 2020 and it continues to sell out every week, usually in 48 hours. The product tastes so much like bacon we decided to sell it alongside the real thing rather than with the other plant-based ground meats,” said Mo Durr, Meat Department Manager, Honest Weight Food Co-op, an Albany, NY based grocer and the first retailer to stock MyBacon. 

The announcement comes after a year of immense growth for Atlast, which only debuted its first product on store shelves in November 2020.


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