Alt-meat food-tech startup Eat Just has received a US$25 million investment from private equity firm C2 Capital Partners.
C2, of which Alibaba Group is a primary investor, was founded in 2018 to provide growth capital and operational support to companies looking to expand in China.
Eat Just introduced Just Egg, a plant-based egg brand, into the Chinese market in 2019 along with Good Meat, a cultivated meat brand, into Singapore. The announcement comes after these two products were included for the first time in China’s national blueprint for food security, which is part of the country’s comprehensive five-year plan.
“C2’s unique market insights and know-how include logistics, branding, marketing omnichannel sales and distribution and last-mile delivery,” said Josh Tetrick, co-founder and CEO of Eat Just.
Jianbing, a type of crepe that is one of the nation’s most well-liked and practical breakfast items, is sold by nearly 30 street vendors in Shanghai, according to Eat Just. The vendors, who occasionally sell thousands of Just Egg jianbing per week, are listed in a WeChat mini program that enables users to gift Just Egg jianbing coupons to their friends.
Just Egg opened its first plant-based culinary studio in China in 2020. Lately, the brand received approval from the European Commission for its mung bean protein, the key ingredient of its plant-based egg. Following ongoing investment, Eat Just is planning to make a foray into the US market.