ALAMEDA, Calif.–( BUSINESS WIRE )–August 16, 2022–
Eat Just, Inc., a company that applies cutting-edge science and technology with a mission to create healthier and more sustainable foods, today announced a $25 million investment and strategic partnership with private equity firm C2 Capital Partners ( C2). C2 was founded in 2018 to provide growth capital and operational support to scale companies in China. The firm’s main investor is Alibaba Group.
This press release contains multimedia. View the full release here: https://www.businesswire.com/news/home/20220816005928/en/
ONLY GOOD Eggs and Meat (Photo: Eat Just, Inc.)
This is C2’s first investment and partnership in the alternative protein sector and the relationship is currently supporting Eat Just’s go-to-market, sales, branding, consumer insights, employment and regulatory approach strategies in China.
Eat Just’s popular plant-based egg brand, JUST Egg, was launched in China on e-commerce platforms such as Alibaba-owned Tmall.com in 2019 and has since grown its brand and business, primarily in Shanghai. Good Meat, which is real, high-quality meat made from cells, won regulatory approval and is being sold in Singapore, but the company has had preliminary talks with Chinese officials and is preparing for a market entry in the United States.
Today’s announcement follows the inclusion of both of Eat Just’s main product categories – plant-based eggs and cultured meat – in China’s national food security plan, part of the country’s comprehensive five-year plan, for the first time. China is the largest producer of eggs in the world, accounting for more than 30% of the global market, and is the largest consumer of meat on Earth, accounting for about 30% of that industry.
“We are grateful to partner with C2 to grow our business in China. Their unique market knowledge and expertise spans logistics, branding, omni-channel sales and marketing distribution and last-mile delivery,” said Josh Tetrick, co-founder and CEO of Eat Just.
“We are excited to support the mission of alternative protein pioneer Eat Just and accelerate the growth of their innovative products and technologies in China by leveraging the unique knowledge and resources of the C2/Alibaba ecosystem,” said C2 Managing Partner Steve Lin .
Beyond the online sales of ONLY Eggs in China, nearly 30 popular street vendors across Shanghai sell plant-based versions of jianbing, which is like a crepe and is one of the country’s most popular and convenient breakfast foods. The vendors, who sometimes sell thousands of JUST Egg Jianbing per week, are listed on a specially designed WeChat mini program that allows users to gift JUST Egg jianbing coupons to their friends.
In addition, a custom-made JUST Egg caravan has frequently appeared at weekend markets around Shanghai, and in 2020, the company opened China’s first plant-based culinary studio, where chefs from some of China’s top restaurants the city taught people how to cook delicious herbs. – Basic dishes without sacrificing taste, nutrition and quality.
About Eat Just, Inc.
Eat Just is a food technology company with a mission to build a healthier, safer and more sustainable food system in our lives. The company’s expertise, from plant protein functionalization to animal cell cultivation, is powered by a world-class team of scientists and chefs spanning more than a dozen research disciplines. Eat Just created one of America’s fastest growing plant-based egg brands, and the world’s first commercially available meat made from animal cells instead of slaughtered cattle. The company has been recognized as one of Fast Company’s “Most Innovative Companies,” Entrepreneur’s “100 Great Companies,” CNBC’s “Disruptor 50,” and a World Economic Forum Technology Pioneer. The JUST Egg has been named among Popular Science’s “100 Greatest Innovations” and Fast Company’s “World Changing Ideas,” and GOOD Meat’s landmark debut was named one of the top scientific breakthroughs of 2020 by The Guardian, Vox, and WIRED .
For more information on JUST Egg, visit https://ju.st/newsroom.
For more information on Good Meat, visit http://goodmeat.co/newsroom.
View source version at businesswire.com:https://www.businesswire.com/news/home/20220816005928/en/
CONTACT: Andrew Noyes
KEYWORDS: CALIFORNIA CHINA UNITED STATES NORTH AMERICA ASIA PACIFIC
INDUSTRY KEYWORD: ENVIRONMENT RETAIL SUSTAINABILITY ENVIRONMENTAL HEALTH SPECIALTY FOOD/BEVERAGE
SOURCE: Eat Just, Inc.
Copyright Business Wire 2022.
PUB: 08/16/2022 08:50 PM/DISC: 08/16/2022 08:51 PM
Copyright Business Wire 2022.