Sacramento Business Journal writer Mark Anderson reported that West Sacramento’s The Better Meat Co. has raised $8.1 million to close a seed funding round. Anderson writes that with $1.6 million the company raised in 2018, Better Meat has now raised $9.7 million to make plant proteins that are blended into meats, which the company says is more sustainable and adds nutrition.
The new money will be used to build out production equipment in West Sacramento and to hire more staff, CEO Paul Shapiro told Anderson. By expanding its equipment, the company plans to reduce the cost of its meat enhancer ingredients to make them more competitive with the meats they are blended into, Shapiro said.
Better Meat launched in May 2018. At the end last year, the company moved its headquarters from Sacramento to 13,000 square feet of warehouse space in West Sacramento’s Southport area. With the new funding, the company will begin construction in that space in August. Shapiro said Better Meat will likely double its local employee count to 24 by the end of the year.
The funding round was led by New York-based Greenlight Capital and New York-based Green Circle Foodtech Ventures. Other investors included Wisconsin-based Johnsonville Holdings, parent company of Johnsonville Sausage, and New York-based Lever VC.
Last year, Better Meat offered products that can be blended with beef, pork and chicken. It has since added formulations that can be blended with turkey, whitefish, salmon and crab products. The uses for whitefish are in fish sticks, and the crab, turkey