AN FRANCISCO — Plant-based meat producer Prime Roots has raised $30 million in a Series B funding round led by True Ventures. With additional participation from investment firms like Pangaea Ventures, Prosus Ventures, Solasta Ventures and Top Tier Capital, the round brings Prime Roots’ total raised funds to $50 million.
The company plans to use the funds to expand retail and foodservice distribution for its deli meat alternatives formulated from koji mycelium.
“People are asking for sustainable meat options that taste good, make them feel good and do good with less planet impact,” said Kimberlie Le, founder and chief executive officer of Prime Roots. “This new funding is a testament to the market opportunity for the next generation of plant-based meats that meet consumer expectations while forging into old world categories like deli with disruptive innovation.”
Prime Roots’ product lineup includes alternatives for nearly 75% of conventional deli offerings, such as cracked pepper turkey, black forest ham, hickory bacon, salami and pepperoni. The company’s products contain zero nitrates, preservatives, soy or wheat and are roughly 90% more sustainable than conventional meats due to lower emission levels and land usage, according to Prime Root.
“We’re thrilled to be a part of this investment round for Prime Roots,” said Michael Jeon, managing partner at Solasta Ventures Silicon Valley. “The company’s innovative approach to creating highly differentiated products like alternative deli meats has enormous potential in this rapidly growing market.”