Investors Back Startup Company Hungry Planet With Oversubscribed Series A

By James White Saturday, April 24, 2021

Plant-based meat alternatives are on the rise as investors continue to show support for the business. Entrepreneurs continue to push the limits of the vegan meat substitutes, building off of the platform built by leading names like Beyond Meat and Impossible Burger. In an effort to expand the range of plant-based substitutes to other types of meats, startup company Hungry Planet garnered $25 million for its business from investors in an oversubscribed financing round.

“By delivering on taste, health and variety, we have seen tremendous success in [food service] and are now developing a deeply loyal and enthusiastic following in retail,” said Todd Boyman, CEO and co-founder of the startup company. “Our broader retail launch is currently rolling out across the USA and Singapore, and we are excited for the additional growth opportunities this funding provides.”

Leading the latest batch of support for the plant-based meat startup business was Post Holdings. Environmental and clean tech investment firm TRIREC also participated in the round for Hungry Planet, along with “other leading plant-forward investors.” Earlier in the year, the plant-based meat startup company raised another $16.7 million in a venture round. The latest financing for Hungry Planet will allow the vegan meat startup business to accelerate its growth domestically and internationally.

Vegan meatball dish.

A Full-Range of Vegan Meat Alternatives

Boyman co-founded Hungry Planet alongside his sister Jody Boyman in 2016. Together, the entrepreneurs set out to build a company that offers a full roster of plant-based meat alternatives. Today, the St. Louis-based startup business sports a number of vegan meat alternatives and recipes.

Hungry Planet hopes to encourage more people to eat sustainable, plant-based diets by offering more than just a beef alternative. The startup company produces vegan beef in addition to plant-based chicken, pork, Italian sausage, chorizo, and even crab.

“Hungry Planet is the first and only company to deliver a complete range of plant-based meats,” Ms. Boyman said. “While others in this category are still working on beef and burgers, Hungry Planet is delivering on a much broader range featuring craveable taste and texture with demonstrably superior nutrition.”

Recipes from the vegan meat startup include dishes such as chicken grilled cheese, crab rangoon crisps, and Italian meatballs with spaghetti squash. Hungry Planet currently offers its product to both retailers and the food service business.

Competition in the Plant-Based Meat Market

The vegan meat market has seen significant growth thanks to new startup companies and businesses driving the industry forward. Market research projects the global plant-based meat market to reach $35.4 billion by 2027. The startup business seeks to set its company apart from the competition by offering a broad range of vegan meat products.

Hungry Planet will likely find itself competing with big names in the industry like Beyond Meat and Impossible Foods. Still, other startups like Next Gen Foods are also building out diverse offerings outside of plant-based beef. Beyond Meat currently sports a market cap of $8.52 billion, while Impossible Foods is in talks to bring its company public.

About the Author

Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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