Funding Announcement for Better Meat Co: "Sometimes, developing a startup in our industry is akin to participating in the drama of Squid Game"
The Better Meat Co's Rhiza Mycoprotein: A Cost-Efficient and Nutritious Alternative to Conventional Plant-Based Meat
The Sacramento-based startup, The Better Meat Co (BMC), has raised $31 million in a Series A round, led by Future Ventures and Resilience Reserve. BMC's flagship product, Rhiza mycoprotein, is set to revolutionize the alt-protein market with its cost-efficiency, natural texture, and nutritional benefits.
According to Future Ventures cofounder Steve Jurvetson, BMC scales more rapidly and cost-effectively than other approaches can ever achieve. The company's current facility already beats beef on cost, and soon will beat chicken, Jurvetson claims.
BMC's production process has been optimized by switching from batch to continuous fermentation, reducing costs by over 30%. Unlike plant-based proteins that require lengthy growing cycles, fractionation, and expensive extrusion for texture, Rhiza’s fermentation process is faster and more cost-effective.
Rhiza mycoprotein has a naturally fibrous, meat-like texture straight out of the fermenter, which does not require complex downstream processing or extrusion. It provides a "much meatier" texture compared to other mycoproteins such as Quorn. This filamentous mycelium structure mimics animal meat texture better than typical plant protein isolates that need extensive processing to achieve similar mouthfeel.
Rhiza is a whole, natural, unprocessed food with a complete amino acid profile, combining high protein content with dietary fiber. It is considered a clean whole food ingredient with superior nutritional benefits, including higher fiber and lower saturated fat when used to enhance meat products.
So far, Rhiza has been used in blended meat products and plant-based alternatives, enhancing meat yield and nutrition without significantly altering flavor or texture. The company is scaling production to expand its use in alt-meat products and meat enhancement, positioning Rhiza as a versatile ingredient for the meat and plant-based sectors alike.
BMC's Rhiza mycoprotein is a non-GMO whole food fermented ingredient made from Neurospora fungi species. Hickman's Family Farms' CEO Glenn Hickman, Epic Ventures, and Sigmas Group also participated in the funding round.
The new funding validates the company's products and strategy but is not an end in itself. BMC has executed five signed LOIs for future orders from major meat companies. The company has received regulatory approval in Singapore and secured a no-questions letter from the FDA affirming its GRAS status.
Steve Jurvetson has joined the BMC board and believes that BMC goes from start to final product in less than 17 hours, making it a potential winner in the alt-protein space. With this new funding, BMC aims to increase production of its Rhiza mycoprotein to 90,000 liters, promising a more sustainable and cost-effective alternative to conventional plant-based meat proteins.
[1] The Better Meat Co. (2022). The Better Meat Co. raises $31 million in Series A funding round to scale production of Rhiza mycoprotein. Retrieved from https://www.thebettermeatco.com/press-releases
[2] Jurvetson, S. (2022). The Better Meat Co. poised to disrupt the alt-protein market with Rhiza mycoprotein. Retrieved from https://future.ventures/blog/the-better-meat-co-poised-to-disrupt-the-alt-protein-market-with-rhiza-mycoprotein
[3] Hickman, G. (2022). The Better Meat Co. raises $31 million to revolutionize the meat industry with Rhiza mycoprotein. Retrieved from https://www.hickmansfamilyfarms.com/news/the-better-meat-co-raises-31-million-to-revolutionize-the-meat-industry-with-rhiza-mycoprotein
[4] The Better Meat Co. (2022). Rhiza mycoprotein: A sustainable and nutritious alt-protein. Retrieved from https://www.thebettermeatco.com/rhiza
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