Atlast Food Co., which uses mycelium to produce plant-based meat alternatives, announced today in a press release that it has raised a Series A round of $40 million USD to create new whole cut meat alternatives. This latest funding round was led by Viking Global Investors and saw participation from 40 North, AiiM Partners, Senator Investment Group, Stray Dog Capital, Footprint Coalition, Applegate, Stonyfield, and Whole Foods.
This new funding will be used to scale the company’s technology, production, and team to bring its product to a commercial scale. To create the new whole cuts of alternative meat, Atlast is partnering with Ecovative, its parent company. Using Ecovative’s AirMycelium manufacturing platform, Atlast is currently building the largest aerial mycelium farm in the U.S. to supply its production of meat alternatives.
Atlast offers its first product, mycelium-based bacon, through its brand MyEats. Dubbed MyBacon, it consists of six plant-based ingredients, is cholesterol-free, and the serving size of two slices contains 4 grams of protein. The Honest Weight Food Co-op in Albany, New York is the only retailer that carries MyEats bacon right now, but the product will be distributed to more grocery retailers as production picks up.
Mycelium works well as an ingredient for plant-based meat alternatives because of its fibrous texture that can mimic the muscle texture of animal proteins. Additionally, mycelium grows quickly, and its neutral flavor allows for any desired flavor to be absorbed. Meati is another start-up that produces mycelium-based meat alternatives, and the company trialed its mycelium-based steak last summer and is also developing mycelium-based chicken and jerky.
Atlast was not able to disclose exactly what variety of meat analogs it will be developing, but did say that mycelium gives them the opportunity to create a wide variety of meat alternatives like filet mignon, chicken breast, and even fish. The products will be made available to CPG, foodservice, and grocery industries, and Atlast plans on distributing its mycelium meat alternatives to these industries this year.