Plant-Based Meats Brand Hungry Planet Secures US$25M To Build Capacity For Its Products & Accelerate Growth
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Hungry Planet recently announced that it closed its Series A financing round and secured US$25 million with the funds to help the company build capacity for its plant-based meats and accelerate its growth domestically and internationally.
Headquartered in St.Louis, U.S., Hungry Planet’s recent funding round was led by Post Holdings, the same CPG company and the third-largest cereal firm in the U.S., that it partnered with back in January to reach “millions of more consumers”, through various distribution channels.
Apart from Post Holdings, the round received support from Singapore-based investment group TRIREC, and other leading investors.
The new round of funding will help the company build manufacturing capacity for its products to disrupt the plant-based meat market and will push for further growth through retail, foodservice, and e-commerce channels, in the U.S. as well as overseas.
Chief culinary officer and certified Master Chef Ron DeSantis is the head of the culinary team at Hungry Planet and when the full range of non-GMO products launched during a pilot phase, the company received a huge demand from consumers for its plant-based chicken, chicken, pork, beef, lamb, turkey, crab, chorizo, breakfast sausage, and Italian sausage.
The products have lower calories and fat than conventional meat and are packed with proteins, for instance, its beef patty contains 23 grams of protein. It also contains dietary fiber that helps lower cholesterol.
In a press release seen by Green Queen, CEO and co-founder of Hungry Planet, Todd Boyman, said that this investment will help the company expand across the globe. “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. 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. Our broader retail launch is currently rolling out across the USA and Singapore, and we are excited for the additional growth opportunities this funding provides.”
Our broader retail launch is currently rolling out across the USA and Singapore, and we are excited for the additional growth opportunities this funding providesTodd Boyman, CEO and co-founder of Hungry Planet
According to the company, be it the crispy fried chicken or the BQ pork burnt ends, the products are quite similar in the feel and taste of its traditional counterparts.
“Hungry Planet is the first and only company to deliver a complete range of plant-based meats. 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,” concluded co-founder and sister of Todd, Jody Boyman.
According to a study by Polaris Market Research, the plant-based meat market is expected to cross over US$35 billion globally by 2027 due to the rising awareness of food-borne diseases in animal foods and the need fot a healthier lifestyle.
Several plant-based meat firms are receiving major support through investments including Atlast Food Co. who is developing plant-based mycelium bacon securing US$40 million in its recent funding round and Indian plant-based egg maker Evo Foods received US$845K in its latest round.
Lead image courtesy of Hungry Planet.