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The Spoon

Daily news and analysis about the food tech revolution

AtLast

Atlast Food Co. Secures $40M Series A Round to Expand Whole Cut Plant-Based Meat Analogues

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.

Atlast Fulfills Planned Capacity Through B2B Partnerships

Atlast Food Co., a U.S.-based producer of mycelium-based alternative meat products, announced today that it has partnered with a variety of undisclosed businesses that will use the company’s products as an ingredient in their own products. Atlast is a spinoff of Ecovative, and through these partnerships, it has fulfilled its planned capacity through 2023.

Mycelium is essentially the root system of mushrooms. It can be grown very quickly, and has a neutral flavor and fibrous texture that allows it to easily absorb other tastes and take on an almost fleshy feel. Atlast says it can grow a full 100 ft x 10 ft sheet of mycelium in 10 days. Mycelium-based bacon is the company’s first product.

The bacon was launched for retail under the brand name MyEats and first sold at a food co-op in Albany, New York. Despite the positive feedback from the retail launch, Atlast says it will remain a B2B company. 

Other companies that use mycelium as their main ingredient for alternative protein products include the start-ups Meati and Prime Roots. Meati trialed its mycelium-based steak this year at SALT Bistro in Boulder, Colorado, though it is unclear if the company will be targeting retailers or consumers. Prime Roots launched a line of plant-based meals and alternative bacon in Whole Foods this fall, and its products are also available for consumers to purchase on the company’s website. As far as we know, Atlast is the first company using mycelium for alternative meat to target B2B channels.

This recent news from Atlast hints at the increasing expansion of the plant-based protein market through retailers, restaurants, and other businesses. Plant-based CPGs are incredibly common, but there are fewer companies specifically targeting B2B channels. Atlast joins other alternative protein companies like Zero Egg and Clara Foods in specifically targeting those B2B channels.