This financing will be used to advance the company’s work on cultured meat following its recently announced plans to build a commercial facility in Qatar
Vancouver, B.C. – September 23, 2021 – Eat Beyond Global Holdings Inc. (CSE: EATS) (OTCPK: EATBF) (FSE: 988) (“Eat Beyond” or the “Company”), an investment issuer focused on the global plant-based and alternative protein sector, is announcing that its portfolio company Eat Just’s GOOD Meat division has completed a US$97 million financing.
This follows its recently announced plans to build a commercial facility for GOOD Meat in Qatar, and there are also plans to add a protein processing facility for JUST Egg, the company’s plant-based egg division.
The Qatar Free Zones Authority and the Ministry of Public Health have indicated their intention to grant regulatory approval for GOOD Meat cultivated chicken very soon and have formally granted an export license for the product. GOOD Meat created the world’s first-to-market meat made from animal cells instead of slaughtered livestock.
This latest financing completes a total US$267 million round for GOOD Meat and sets a new record for the cultured meat industry.
“Eat Just made world history when its cultured chicken product was sold in a Singapore restaurant in late 2020. Qatar is on track to become the second country to allow the sale of GOOD Meat,” said Eat Beyond CEO Michael Aucoin. “Cultured meat is a unique opportunity, and we are at a very exciting time in history where we are on the cusp of completely reimagining our food systems to reduce negative impacts on the environment and on our own health.”
Along with Eat Just, the Eat Beyond portfolio includes two additional leaders in the cultured food industry: TurtleTree and SingCell.
TurtleTree is a Singapore-based biotechnology startup that is pioneering the production of cell-based breast milk to replace traditional synthetic infant formulas. SingCell operates as a contract development and manufacturing organization (CDMO), offering its proprietary platform to third-party cultured meat companies which provides scalable processes for cultured meat manufacturing.
“Eat Beyond recognizes the high upside potential for cultured meat and dairy,” Aucoin said. “We anticipate additional jurisdictions around the world embracing cell-based food technology, ultimately driving demand for the products and helping the industry to overcome the biggest challenge it faces, which is scalability and the ability to make these products cost-competitive.”
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About Eat Beyond Global Holdings
Eat Beyond Global Holdings Inc. (“Eat Beyond”) (CSE: EATS) (OTCPK: EATBF) (FSE: 988) is an investment issuer that makes it easy to invest in the future of food. Eat Beyond identifies and makes equity investments in global companies that are developing and commercializing innovative food tech as well as plant-based and alternative food products. Led by a team of food industry experts, Eat Beyond is the first issuer of its kind in Canada, providing retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food sector, and access companies that are leading the charge toward a smarter, more secure food supply. Learn more: https://eatbeyondglobal.com/