BOULDER, COLO. — Meati Foods has raised over $100 million in a Series C-1 round led by Grosvenor Food & AgTech.

Meati, which formulates plant-based meat from MushroomRoot, said the funds will help the company meet growing demand for its product.

Investors included Prelude Ventures, Bond, Revolution Growth and Congruent. Mark Cupta from Prelude Ventures and Katrin Burt from Grosvenor Food & AgTech joined the company as board members, according to the company.

“Meati is on a mission to make MushroomRoot the undisputed leader of the center of the plate,” said Phil Graves, chief executive officer of Meati. “The backing of our investors, the belief by retailers nationwide, the love from our customers and the commitment from our employees leave no doubt in my mind that we’re on the right path to get there.”

Tyler Huggins, chief innovation officer and co-founder of Meati, will transition to an advisory role to support Meati’s growth.

Meati recently elevated Graves from chief financial officer to CEO, succeeding Higgins, who transitioned to CIO. Graves joined the company as CFO in February 2024.

The company has been beefing up its funding in recent years, including $150 million in a Series C round in 2022, a $50 million Series B round in 2021, and a $28 million Series A round in 2020.

Recent investors include athletes Derek Jeter, Chris Paul and Aly Raisman.

As the company grows its funding, it also is growing its retail presence.

Meati has expanded into 2,000 Kroger Family stores. Meati has grown from six retail locations to over 6,000 stores nationwide, according to the company.

The company is in such retailers as Super Target, Whole Foods Market, Sprouts Farmers Market, Meijer and Wegmans.

Its product line includes a classic cutlet as well as classic and carne asada steaks.

“When Justin Whiteley and I founded Meati, we set out to harness the power of nature to make awesome products that were a positive force for good in the world,” Huggins said. “It’s inspiring to see how far we’ve come in a short period of time, and I’m ready to pass the day-to-day running of the company to Phil Graves and the leadership team to take it to the next level.”