Hungry Planet Inc., a plant-based meat company based in St. Louis, has closed an oversubscribed $25 million Series A financing round. This round of funding will go to build capacity for the company’s products, as well as to ramp up growth across retail, foodservice and e-commerce channels, both in the United States and abroad.
Post Holdings led the round, joined by Singaporean investment group TRIREC and other plant-forward investors. With the market value of plant-based meat expected to hit $35.4 billion by 2027, Hungry Planet decided that now is the time to extend its reach.
“We’ve been joined by some amazing partners in our mission to create and deliver the most complete range of chef-crafted plant-based meats on the planet,” said Todd Boyman, CEO and co-founder of Hungry Planet with his sister, Jody Boyman. “This Series A investment will allow us to expand further and faster."
Added Todd Boyman: “Over the past several years, we’ve been quietly piloting our full range of chef-crafted, nutritious plant-based meats in select foodservice and retail markets domestically and internationally. With over 4 million servings sold globally, we’ve validated that our full range works perfectly in any cuisine, any recipe, any venue and any geography.”
In its pilot phase, Hungry Planet saw huge demand for its full assortment of non-GMO plant-based meats, which includes crispy fried chicken, BBQ pork burnt ends, breakfast sausage and Italian sausage, as well as beef, lamb, turkey, crab and chorizo items.
“By delivering on taste, health and variety, we have seen tremendous success in foodservice, and are now developing a deeply loyal and enthusiastic following in retail,” noted Todd Boyman. “Our broader retail launch is currently rolling out across the U.S.A. and Singapore, and we are excited for the additional growth opportunities this funding provides.”
“Hungry Planet is the first and only company to deliver a complete range of plant-based meats,” asserted Judy Boyman. “While others in this category are still working on beef and burgers, Hungry Planet is delivering on a much broader range featuring craveable taste and texture with demonstrably superior nutrition.”
According to the company, its products are packed with protein and fiber, and feature fewer calories and less fat (no saturated) than conventional meat and other plant-based meats.
Other plant-based food companies to recently raise funds include Albany, New York-based Atlast Food Co., maker of MyEats MyBacon, and Austin, Texas-based Gathered Foods, parent company of the Good Catch plant-based seafood product line.