Plant-based burger maker Beyond Meat cooks up more funding

  • Technology Premium
  • Saturday, 09 Dec 2017

Scientists are to unveil a lab-grown beef burger which they say will taste like a normal burger.

PLANT-based burger maker Beyond Meat Inc. said it has raised $55 million in funding as it seeks to triple the size of its production capacity.

The funding was led by venture-capital firm Cleveland Avenue LLC, which was founded by Don Thompson, former chief executive of McDonald’s Corp. Also participating in the funding is Tyson Foods Inc., which is increasing its stake.  Tyson, the largest U.S. meat company by sales, previously took a 5% stake in October 2016.

Los Angeles-based Beyond Meat has previously raised more than $90 million in venture capital from investors including Kleiner Perkins Caufield & Byers, Bill Gates, and Twitter Inc. co-founders Biz Stone and Evan Williams, according to PitchBook Data Inc.

Beyond Meat designs its patties to taste like real burgers made from ground beef. However, the product is derived from plants.

The burgers are sold in more than 5,000 stores in the U.S. including  Kroger, Albertsons, Whole Foods Market and Ahold-owned stores, the company said.

Several venture-backed startups are working to create meat grown in a laboratory, which aim to be healthier, and more environmentally friendly than conventional beef from cows. Among startups competing in the industry are Memphis Meats, which is backed by DFJ, and Impossible Foods, which is funded by Khosla Ventures and Alphabet Inc.’s GV venture arm. - WSJ

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