Company recognized for translating mycelium research into rapidly-expanding foodtech company

Meati Foods™, the producer of delicious, animal-free meat made from mushroom root, today announced it was named to the inaugural XB100 list, the definitive ranking of the top 100 private deep tech companies published by XPRIZE, the world’s leader in designing and operating large-scale incentive competitions to solve humanity’s grand challenges, and Bessemer Venture Partners, the global venture firm which has supported revolutionary companies like LinkedIn, Shopify and Yelp. Meati was selected and judged on four factors: its impact on humanity, valuation, scientific difficulty and commercial traction.

“We’re honored to recognize the innovators featured on the inaugural XB100 and their important impacts on society,” said Anousheh Ansari, CEO of XPRIZE. “As we work to empower problem-solvers around the world to address humanity’s greatest challenges, XPRIZE celebrates these great minds and our collective impact.”

Meati co-founders Tyler Huggins and Justin Whiteley met during their Ph.D. and doctorate work, respectively, and have translated their research on mycelium (mushroom root) into a leader in the animal-free protein space, providing consumers with a whole-cut, protein-packed option to easily incorporate into weekly menus. Today Meati Foods, under its Eat Meati™ line, offers four products: Classic Steak, Classic Cutlet, Crispy Cutlet and Carne Asada, available in Sprouts Farmers Market nationwide Fresh Thyme and Meijer Grocery stores and in restaurants like PLNT Burger and Birdcall. The company aims to have a nationwide omnichannel footprint by the end of 2023 to meet consumers’ rising demands for delicious, nutritious and affordable animal-free protein options.

“Mother Nature’s toolbox has the solutions we need to tackle the world’s biggest problems, like how we sustainably feed our planet, and mycelium is one of those tools. The research Justin and I conducted over a decade ago has now translated into a business that shows it’s possible to eat well, deliciously and sustainably, all in one product,” said Tyler Huggins, CEO and co-founder of Meati Foods. “We are honored by this recognition from the XPRIZE Foundation and Bessemer Venture Partners.”

Most recently, Meati announced that MLB Hall of Fame member, investor and entrepreneur Derek Jeter has joined the company as both an investor and advisor. Jeter is just the latest member of a diverse roster of Meati supporters, which includes culinary icons like cook, philanthropist and television personality Rachael Ray; David Chang, chef and founder of Momofuku and Majordomo Media; Nicolas Jammet and Jonathan Neman, the co-founders of restaurant chain sweetgreen; and former White House senior policy advisor for nutrition, Sam Kass. To date, the company has raised $274.5 million from investors including Revolution Growth, Acre Venture Partners and Cultivate Next, Chipotle Mexican Grill's venture fund.

“The companies on the XB100 list represent the most valuable and impactful private companies in the deep tech sector,” said Tess Hatch, partner at Bessemer Venture Partners. “The XB100 awardees defy imagination and will reshape the human experience.”

“Investments in the commercialization of scientific research propel humanity forward,” said David Cowan, partner at Bessemer Venture Partners. “After years of investing in deep technologies ranging from quantum computing to rocket technology to next-generation biotherapeutics, Bessemer has marveled at the potential of XB100 companies to tackle profound problems facing our species and our planet.”

The XB100 list is published online at https://www.bvp.com/xb100.

About Meati Foods and Eat Meati™

Founded in 2017, Meati Foods is working to unlock a more delicious, nutritious, equitable and sustainable food system for everyone. Eat Meati™, the debut product line from Meati Foods, features cutlets and steaks made from mushroom root, a whole-food protein cultivated with a modernized version of ancient and natural processes that have helped preserve Earth's ecosystems for millennia. Eat Meati™ made its national, retail debut in March 2023 after a year of record sellouts through its direct-to-doorstep online shop. A national omni-channel footprint is planned for late 2023. Meati's exceptional quality has won the enthusiastic support of icons, including Rachael Ray (cook, philanthropist and television personality); David Chang (chef and founder of Momofuku and Majordomo Media); Derek Jeter (MLB Hall of Fame member, investor and entrepreneur); John Foraker (Once Upon a Farm CEO and former Annie's Organic CEO); Nicolas Jammet and Jonathan Neman (co-founders of sweetgreen); and Sam Kass (former White House senior policy advisor for nutrition and partner at Acre Venture Partners).

Bessemer Venture Partners

Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 145 IPOs and 300 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio has included Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr, and Toast and has $20 billion of assets under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Hong Kong, Boston, and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).

XPRIZE

XPRIZE is a global future-positive movement delivering truly radical breakthroughs for the benefit of humanity. XPRIZE inspires and empowers a global community of problem-solvers to positively impact our world by crowdsourcing solutions through large-scale competitions, tackling the world’s grandest challenges in exploration, environment, and human equity. Donate, learn more or join a team at xprize.org.

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