Eat Just, a US-based supplier of plant-based eggs and cell-based chicken, has secured new financing in a recent round of funding. The financial details of the deal have not been disclosed. Eat Just, known for its Just Egg plant-based eggs and Good Meat cell-cultivated chicken, revealed that the funding came from the non-profit Ahimsa Foundation.
The support from Ahimsa Foundation will enable Eat Just to further enhance the quality and profitability of its products. CEO Josh Tetrick expressed his pride in collaborating with an investor who shares a strong commitment to the company’s mission. While he acknowledged the challenges ahead, he emphasized that they are necessary for progress and success.
Satish Karandikar, a principal at Ahimsa, echoed Tetrick’s sentiments on Eat Just’s profitability in an interview with Bloomberg. Karandikar described Just Egg as an impressive product that needs improvement in cost management and logistics to become profitable. Unnamed sources cited by Bloomberg indicated that neither of Eat Just’s businesses is currently profitable.
Earlier this year, Eat Just announced a workforce reduction of 18% in its Just Egg division to ensure profitability. Around 40 employees, mostly in the US, were affected by the move. Just Egg products can be found in over 48,000 retail locations across North America.
In a significant development, Good Meat, a subsidiary of Eat Just, received regulatory approval to sell its cell-based chicken in the US. The company had already launched its chicken product in Singapore in 2020 and had gained approval for its “serum-free media” from the local regulator this year.
Investments from Ahimsa Foundation and future developments in product quality and profitability illustrate Eat Just’s determination to lead in the food and beverage industry. As consumer trends continue to evolve, the company remains focused on advancing its sustainable and innovative food and drink offerings.