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Eat Just

October 15, 2020

Eat Just’s Josh Tetrick on the 4 Phases of Bringing Cell-Based Meat to the Masses

When will cell-based meat be available to the masses?

It depends on who you ask. At one SKS 2020 panel this week, participants said maybe 10 years. In another, Impossible CEO Pat Brown more or less said never.

Josh Tetrick, founder and CEO of Eat Just, reckons the timeline is “somewhere north of 15 years.” 

Eat Just, which is best known at this point for its plant-based egg products, is in the process of developing its own cell-based meats, including chicken nuggets and chicken breast. The north-of-15-years timeframe for those and other cell-based meat products comes from an important factor Tetrick pointed out when we chatted this week at SKS: that a successful prototype in a lab does not automatically equal commercial success. 

A lot must happen in between those two endpoints, prototype and commercialization, and during our talk, Tetrick broke the journey down into four distinct phases. These are as applicable to other food businesses as they are to Eat Just.

The first is getting that prototype out of the lab. Launching in a single restaurant is one example. To do this, companies need to have not only developed a prototype, they must also have gotten regulatory approval for their product. Tetrick told me that Eat Just hopes this step happens for his company this year or next.

The second phase moves companies out from a single location and into some restaurants, say 50–100, and perhaps smaller retailers. At the moment, there are no cell-based meat companies with products at this stage.

Phase three is even further off. That’s the point when a company’s products are on food retail shelves across the country, from Whole Foods in San Francisco to Walmart in Dyersburg, Tennessee. Eat Just is currently at this point with its plant-based egg products, which are in more than 17,000 locations in the U.S.

That final phase is what Tetrick calls “the Coca-Cola phase.” The product is available everywhere and at a low cost. He believes this is “the phase that will transform the planet,” meaning it will curb the larger population’s reliance on animal protein. To get to that kind of world, phase four is ultimately where Eat Just and other companies need to be.

Not that getting there will be easy. Tetrick doesn’t agree with Pat Brown’s statement that cell-based meat “is never going to be a thing,” but he does concede that it’s no easy feat. In fact, he equated the process from prototype to ubiquity with scaling a really tall mountain. “[It’s] not confusing what needs to be done, it’s just really hard.” 

That climb, so to speak, will require the right investments in cell line development, media, and bioreactors. It will require “a thoughtful approach” to working with regulators and an effective marketing strategy. It will involve enormous amounts of risk and millions if not billions of dollars.

Ultimately, Tetrick believes companies that can get us through this enormously difficult process will enable the majority of the population to live in a world where eating meat doesn’t necessarily mean slaughtering animals or destroying the planet. For many, getting there will be a mountain worth climbing.

September 9, 2020

Chile’s NotCo Raises $85M to Bring Its Plant-based Proteins to the U.S.

NotCo, a Chilean food tech company known for its alternative protein products, announced today it has closed an $85 million Series C round. The round was led by Future Positive, L Catterton Partners, and General Catalyst. Existing investors include Kaszek Ventures, The Craftory, Bezos Expedition, Endeavor Catalyst, Indie Bio, Humbolt Capital and Maya Capital.

The new funds come as NotCo plans to scale its operations and expand internationally, starting with a move into the U.S. The company said in today’s press release that it is evaluating both retail and restaurant partnerships in the States.

Rather than focus on a single food category, NotCo is developing meat, dairy, and egg alternatives at the same time. The company currently has its NotMilk, NotBurger, NotIceCream, and NotMay in stores around Chile, Brazil, Argentina. It also has deals with Burger King and Papa John’s in Chile. 

To make its plant-based protein products, NotCo uses artificial intelligence to match animal proteins with their ideal plant replacement, pulling from a library of thousands of plant profiles the company has stored up. The idea is to make combinations of plants that will most closely mimc not just the taste of meat or dairy but also the texture, smell, and mouthfeel, among other factors.

This approach has made NotCo one of the biggest players in plant-based protein in Latin America. However, an expansion to the U.S. means NotCo will have to compete with some serious competition in an already crowded alternative protein space that includes some of the industry’s biggest names: Beyond and Impossible in the plant-based meat sector, Eat JUST for eggs, and Perfect Day for dairy. 

International expansion, whether to the U.S. or from it, is a major development in the alternative protein space of late. Beyond, Impossible, and Eat JUST have all announced plans to move into other markets, including Canada and China. Those expansions make sense, given the amount of cash flowing into the sector. The entire alternative protein category has seen an enormous amount of investment in 2020: over $1.1 billion so far, with more than $907 million of that going to plant-based protein.

For its own expansion, NotCo co-founders, Matias Muchnick (CEO) and Karim Pichara (CTO), will be based in the U.S. The company said in a recent interview that it wants to be a $300 million company by 2024, with 70 percent of that business in the U.S.

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