With Its $30 Million Series B, Prime Roots Is About to Change Deli Meat For Good
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Berkeley-based vegan meat startup Prime Roots has closed a successful $30 million Series B fundraising round for its deli slices made from mycelium.
Prime Roots’ new funding was led by True Ventures, Pangaea Ventures, Prosus Ventures, Top Tier Capital, Diamond Edge Ventures, SOSV/IndieBio, Solasta Ventures, Monde Nissin, Alumni Ventures, Gaingels, Meach Cove Capital, The House Fund, and Hyphen Capital.
This latest funding round brings Prime Roots’ total raise to more than $50 million, which the company says will help it expand its reach to deli counters and restaurants across the U.S.
Prime Roots launched in 2017 and has been working to disrupt both the conventional and plant-based meat category, bringing a first-of-its-kind tech to the sector with its sustainable koji-based mycelium protein. It says it has successfully recreated the texture and flavor of conventional deli meat with its novel tech.
“People are asking for sustainable meat options that taste good, make them feel good, and do good with less planet impact,” Kimberlie Le, Founder and CEO of Prime Roots, said in a statement. “Prime Roots delivers on all three: taste, nutrition, and sustainability.” She says the recent funding indicates the market potential for alternatives to conventional meat that not only meet consumer expectations but also bring “disruptive innovation” to the “old world” category.
“We’re thrilled to be a part of this investment round for Prime Roots,” said Michael Jeon, Managing Partner at Solasta Ventures Silicon Valley. “The company’s innovative approach to creating highly differentiated products like alternative deli meats has enormous potential in this rapidly growing market,” he said.
“The leadership team has the perfect background and ability to execute on their vision, and we look forward to supporting Prime Roots and being a part of their journey towards creating a more sustainable food ecosystem.”
Nutritionally and environmentally superior meat
Prime Roots says it collaborated with renowned chefs to craft plant-based versions of popular deli meats, which include cracked pepper turkey, black forest ham, hickory bacon, salami, and pepperoni. The company says the products are nutritionally superior, to conventional deli slices as they’re free from nitrates, preservatives, cholesterol, soy, and wheat, and contain less sodium than leading vegan brands.
A third-party lifecycle assessment found that Prime Roots’ production methods are far more sustainable, too. The B-Corp-certified company’s deli slices are 89-92 percent more sustainable than traditional meat production, reducing both emissions and land use. It can produce its deli meats in as little as three to five days, a fraction of the time required for traditional meat production.