St. Louis, Missouri-based Hungry Planet announced today it has closed an oversubscribed $25 million Series A round of funding. Post Holdings led the round, with participation from Singaporean investment group TRIREC, and “other leading plant-forward investors,” according to a press release.
Aided by these new funds, Hungry Planet says it will expand its line of plant-based meats across retail and foodservice, domestically and in international markets. The company’s current product line includes chicken, pork, beef, lamb, turkey, crab, chorizo, breakfast sausage, and Italian sausage alternatives.
Hungry Planet says its products are now in thousands of venues across the U.S., Australia, and New Zealand restaurants, retail, and foodservice outlets. A broader retail launch is currently happening across the USA and Singapore, with more markets planned for the future.
Hungry Planet’s fundraise comes on the heels of the Good Food Institute (GFI) and the Plant-Based Foods Association (PBFA)’s recent announcement that retail sales of plant-based foods in the U.S. reached $7 billion in 2020. Additionally, an earlier report from March found $2.1 billion had been invested in plant-based foods in 2020.
The $25 million raised by Hungry Planet is just the latest in a number of recent fundraises by plant-based meat-makers, including Israeli startup Redefine Meat’s $29 million Series A round, Gathered Foods’ $26.3 million, and AtLast’s $40 million from last week.
One thing that may help Hungry Planet compete with all this competition is its partnership with Post Holdings. The deal, first announced in January 2021, gives Hungry Planet access to Post’s Foodservice and Retail units, through which the company can expand its own distribution.
Additionally, Hungry Planet CEO and co-founder Todd Boyman said in today’s press release that the Series A round will allow the company “to expand further and faster.” Boyman founded the company in 2014 with his sister Jody Boyman. With the new funding, Hungry Planet has raised a total of $25.5 million to date.