C2 Capital Partners, a private equity fund backed by Alibaba, has invested $25 million in US-based Eat Just, the maker of the plant-based egg alternative Just Egg and the cultured meat brand Good Meat.
In the field of alternative proteins, this is C2’s first investment and collaboration. According to the latter, Eat Just’s go-to-market tactics, sales, branding, consumer insights, recruiting, and regulatory approach are now supported by the VC company in China.
In 2019, Eat Just’s plant-based egg brand was introduced in China on e-commerce sites including Tmall, which is controlled by Alibaba. Nearly 30 food stands in Shanghai also provide plant-based jianbing, a breakfast dish akin to a crepe, which is another product of Just Egg.
The company is getting set to join the US market with its produced meat, which is currently offered in Singapore. The business also mentioned that it had early discussions with Chinese officials.
The financing announcement comes after Eat Just’s two main product categories, plant-based eggs and cultured meat, were included in China’s five-year plan for national food security. China has never before incorporated these categories into its strategies for food security.
Josh Tetrick and Josh Balk started Eat Just in 2011.
“We are excited to support alternative protein pioneer Eat Just’s mission and to accelerate the growth of their innovative products and technologies in China by leveraging the unique insights and resources of the C2/Alibaba ecosystem,” said Steve Lin, managing partner at C2.
