US-based Eat Just, the company behind plant-based egg substitute Just Egg and cultivated meat brand Good Meat, has raised US$$25 million from Alibaba-backed private equity firm C2 Capital Partners.
This is C2’s first investment and partnership in the alternative protein sector. The VC firm is currently supporting Eat Just’s go-to-market strategies, sales, branding, consumer insights, hiring, and regulatory approach in China, said the latter.
Just Egg jianbing (crepe) in Shanghai / Photo credit: Eat Just
Eat Just’s plant-based egg brand was launched in China on ecommerce platforms like Alibaba-owned Tmall in 2019. Just Egg is also sold by nearly 30 food stalls in Shanghai in the form of plant-based versions of jianbing, a crepe-like breakfast food.
The company’s cultivated meat, which is already being sold in Singapore, is preparing to enter the US market. The firm added that it has also had preliminary talks with Chinese officials.
The funding announcement follows the inclusion of both of Eat Just’s core product categories – plant-based eggs and cultivated meat – in China’s national blueprint for food security as part of the country’s five-year plan. It is the first time that China has included these categories into its food security plans.
Eat Just was founded by Josh Tetrick and Josh Balk in 2011.
“We are excited to support alternative protein pioneer Eat Just’s mission and to accelerate the growth of their innovative products and technologies in China by leveraging the unique insights and resources of the C2/Alibaba ecosystem,” said Steve Lin, managing partner at C2.
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
