Beyond Meat, a Los Angeles, CA-based producer of plant-based meat substitutes, raised $55m in funding.
Backers included Jack and Suzy Welch, Thomas Middleditch, Honest Tea founder Seth Goldman and Candice Bergen.
The company intends to use the funds to more than triple the size of the its production presence, further fund R&D commitment to build meat from plants, and expand sales and distribution.
Beyond Meat offers plant-based proteins sold at more than 19,000 retail outlets nationwide. Its Beyond Burger®, burger, which looks, cooks, and tastes like ground beef from cows but is made entirely from plants, without GMOs, soy, or gluten, is a cholesterol free food, with less saturated fat than beef.
A 1/4lb Beyond Burger sold in grocery stores has 4 grams of saturated fat and 22 grams of total fat, compared to an 80/20 beef burger’s 9 grams of saturated fat and 23 grams of total fat. It has been added to the menu at nearly 4,000 restaurants, hotels, college campus dining halls, hospitals and other food service outlets.