“Whole cuts of meats are the majority of the market and the next frontier for plant-based food companies”

Celebrity activist Robert Downey Jr. has become an investor in plant-based meat company, Atlast Food Co. that raised a Series A round of $40 million USD to scale up production of its sell-out MyBacon products.

Viking Global Investors led the round with participation from Stray Dog Capital, Applegate, Stonyfield, 40 North, Whole Foods, and Downey Jr.’s Footprint Coalition.

The funding follows a year of huge growth for the company, which introduced its first meat-free bacon alternative called MyBacon, through MyEats, its direct-to-consumer brand last November.

Plant-based bacon

The vegan bacon is made from mycelium- a fiber found in mushrooms- to replicate the texture and mouthfeel of whole-cut meats

It consists of six plant-based ingredients, is free from cholesterol, and two slices pack in 4 grams of protein.

“We chose bacon as an entry point to the whole cut meat market because it is a cultural touchstone for so many consumers,” Stephen Lomnes, President of Atlast said.

  “We set out to make a plant-based bacon that imitates the salty sweet experience of pork bacon without the negative trade-offs.

“We’ve heard from our consumers that they love cooking MyBacon strips because it is cleaner and healthier than traditional pork-based bacon.”

The new influx of funds will help the Atlast, which has partnered with the mycelium technology company, Ecovative, to expand production capacity for the ‘incredible demand’ for its product.

The money will also support the vegan brand in constructing the ‘world’s largest’ aerial mycelium farm.

According to Lomnes, “whole cuts of meats are the majority of the market and the next frontier for plant-based food companies.”

He added: “With our current scale, funding and partners, we are well-positioned to bring a range of mycelium meats to market in the coming years.”

Footprint Coalition: Supporting sustainable technology

Robert Downey Jr. founded Footprint Coalition Ventures in February 2021 to support sustainable technology and bring environmental solutions to scale.

The ventures for which the actor has already invested nearly $10 million of his own fortune are part of Downey’s Footprint Coalition – which he started in June 2019 along with his wife Susan Downey and a group of tech investors and entrepreneurs.

Commenting on the decision to invest in Atlast, the Avengers actor said: “If you love bacon and the planet, Atlast has created a six-ingredient solution for enjoying one without harming the other.

“Atlast has a great team, a strong business plan, and the full (undying) support of my Kunekune pigs, Ladybug and Pops.”

• Read: Unilever to target €1 billion annual sales for plant-based foods by 2027

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Mohsina Dodhiya

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