Plant-based meat company, Atlast Food Co., has announced it secured a $40 million investment to scale up production of its sell-out MyBacon products – and one of the backers is actor Robert Downey Jr.
Atlast uses mycelium, a fiber found in mushrooms to create its vegan bacon – and thanks to the injection of funds, the next round of production can be sped up.
Among the investors were Viking Global, Stray Dog Capital, Downey Jr.’s Footprint Coalition Ventures, Applegate, Stonyfield, and Whole Foods.
The investment follows ‘incredible demand’ for the product, which is part of the MyEats brand.
Atlast’s President, Stephen Lomnes, said: “We are building the largest mycelium production facility in the US.” This is to provide consumers ‘a tastier alternative to their favorite animal proteins’, he added.
Moreover, Marvel legend Downey Jr. said: “If you love bacon and the planet, Atlast has created a six-ingredient solution for enjoying one without harming the other. Atlast has a great team and a strong business plan.”
He created the investment firm to support technologies that help tackle the world’s environmental problems.
Scaling up the company
Atlast is partnering with the mycelium technology company, Ecovative, to expand production. Additionally, the investment will see the construction of the ‘world’s largest’ aerial mycelium farm.
Lisa Feria, CEO of Stray Dog Capital said: “Atlast is creating a new category of plant-based foods by offering whole cut options.
“Mycelium, Atlast’s unique ingredient, is nutritious, versatile, and scalable. Consumers should get ready to see a lot more mycelium in their stores and on their plates.”
Moreover, Atlast’s announcement follows a year of ‘immense growth’. This is since it first launched the products last November.
MyBacon is currently only available in the US.
You can find out more about Atlast here