- Plant-based meat startup Hungry Planet Inc. has closed an oversubscribed $25 million Sequence A financing spherical led by Publish Holdings and together with Singaporean funding group TRIREC and different unnamed “plant-forward” traders, based on an emailed press launch.
- Based in 2016, Hungry Planet has offered greater than 4 million servings of its plant-based meats all over the world, based on the corporate. CEO and Co-founder Todd Boyman mentioned it is going to use the brand new funding to increase additional in retail, foodservice and e-commerce within the U.S. and abroad.
- The corporate’s broad product line, which incorporates plant-based rooster, pork, beef, lamb, turkey, crab and sausages, is presently rolling out at retail within the U.S. and Singapore. This funding spherical marks the enlargement of Publish Holding’s relationship with Hungry Planet, which already features a prior funding and distribution deal.
The previous 12 months has been one among development for Hungry Planet. This newest funding spherical guarantees the tempo will not let up anytime quickly.
Hungry Planet’s mission is to make it straightforward for customers to make the swap from animal-based meat, a activity it goals to perform with a give attention to selection and diet. Its core differentiation is the sheer vary of plant-based meat gadgets it makes accessible. Whereas different producers may specialise in both plant-based purple meat, pork, poultry or seafood, Hungry Planet has embraced all of those, with a spread of floor and preformed beef patties, rooster, crab and sausage.
The corporate’s present lineup additionally hits on a few of the hottest meals traits; all gadgets are vegan, non-GMO, and include no ldl cholesterol or saturated fat, based on Hungry Planet. Its floor beef, Italian sausage and chorizo are gluten free.
To tempt each vegans and carnivores, the corporate has emphasised its “chef-centric” method to product growth. This previous June, it employed its first chief culinary officer, Ron DeSantis. The Licensed Grasp Chef introduced appreciable foodservice expertise as the previous head of the eating halls at Yale College, the place he led the event and manufacturing of greater than 14,000 meals per day.
A lot of Hungry Planet’s work over the previous 12 months has been to make its meals extra accessible. In January, it introduced it was providing free supply of plant-based meats ordered from its web site to wherever within the contiguous U.S.
This newest funding from Publish is a large support in serving to Hungry Planet’s meatless merchandise go mainstream, and it continues a rising partnership between the meals large and startup. In January, Publish Holdings introduced it could distribute Hungry Planet’s merchandise in retail and foodservice, and it had invested an undisclosed quantity to help the corporate’s development.
Publish, which gives a spread of manufacturers together with cereals, Bob Evans frozen dishes and Malt–O–Meal, has made forays into different plant-based segments. In February, it led a a $12.5 million Sequence B funding spherical for PeaTos, which makes pea-based snacks. This previous Might, its Michael Meals division partnered with Simply Egg to distribute the mung-bean-based egg substitute to hundreds of foodservice areas within the U.S.
Publish’s continued funding in Hungry Planet — a particular greenback determine sizing up its complete spend up to now has not been disclosed — demonstrates how a lot alternative Massive Meals sees within the plant-based phase. In January, PepsiCo and Past Meat created a three way partnership, The PLANeT Partnership, that can develop, produce and market snack and beverage merchandise made out of plant-based protein. Nestlé has been increasing its Candy Earth plant-based meat line, with new Conscious Chik’n varieties becoming a member of the lineup this April, and extra product extensions deliberate for later within the 12 months. And Danone has made investments in plant-based cheese and expanded its personal So Scrumptious line into new segments.
By casting such a large web, Publish will increase its possibilities of profitable a large return on its funding, and establishing a foothold throughout the plant-based phase, which was value $7 billion in retail gross sales in 2020, based on SPINS information shared by the Good Meals Institute and the Plant Primarily based Meals Affiliation.