Axios Pro Exclusive Content

Gold medalists invest in alt meat startup Meati

A chicken sandwich made with a mushroom-based meat alternative from Meati.

Photo: Courtesy of Meati

Olympic gold medalists Aly Raisman and Chris Paul invested in Meati, the company tells Axios.

Why it matters: Plant-based meat and meat alternatives as a category have experienced a decline in sales, though some are brands defying the trend.

Yes, but: Some data suggests it's holding steady and even increasing in food service.

Details: Though the company declined to comment on the latest amount raised, Meati to date has now brought in a total of $250 million, a spokesperson tells Axios.

  • The spokesperson says it has no further fundraising announcements in its pipeline at this time.
  • Raisman and Paul — an NBA player for the Golden State Warriors — join other individual investors such as: former MLB player Derek Jeter; chef Tom Colicchio; cooking show host Rachael Ray; and Sweetgreen co-founders Nicolas Jammet and Jonathan Neman.

Catch up fast: Meati raised a $50 million Series C extension, Axios reported exclusively in September.

  • The company launched into retail early this year, producing mushroom-based versions of a crispy chicken cutlet and a carne asada steak, among other products.
  • Its products are now sold in 3,000 locations, including the recent additions of Super Target and Albertsons stores and existing retailers Whole Foods, Sprouts, Meijer and Fresh Thyme.
  • Meati also partners with restaurants such as PLNT Burger, Sweetgreen and Next Level Burger.

What's next: Meati has launched four new products, including bite-sized, Italian-seasoned and spicy versions of its crispy chicken alternative plus garlic and black pepper steak.

  • The company plans to double its store count by the end of Q1 next year, it says.
  • It told Food Navigator it might take a couple more years beyond 2025 to hit the $1 billion sales mark goal it set for itself previously.
Go deeper