SAN FRANCISCO —Prime Roots, the innovator of deli-style meats made from koji mycelium, announced $30 million in Series B funding from True Ventures, Pangaea Ventures, Prosus Ventures, Top Tier Capital, Diamond Edge Ventures, SOSV/IndieBio, Solasta Ventures, Monde Nissin, Alumni Ventures, Gaingels, Meach Cove Capital, The House Fund, and Hyphen Capital, bringing their total funding to approximately $50 million.
The fresh funding will enable Prime Roots to scale and expand to deli counters and restaurants nationwide.
Through its innovative and proprietary fermentation and food science technology, Prime Roots is the first and only company tackling the deli case with the identical microscopic texture of meat, along with its umami taste, made from plants. Acclaimed chefs helped develop the most popular deli products, including cracked pepper turkey, black forest ham, hickory bacon, salami and pepperoni to emulate the savory, meaty taste and texture that consumers demand for meat substitutes. Plus, nutritionally, Prime Roots' products have no nitrates, preservatives, cholesterol, soy, wheat and are lower in sodium than the leading brand.
Additionally, in line with its mission to sustainably satisfy meat cravings with better tasting food, it only takes three to five days to make Prime Roots' deli meats, compared to years for some conventional meats. A third-party impact lifecycle assessment found that Prime Roots' methods are 89-92% more sustainable than conventional meats by limiting emissions and land usage.
"People are asking for sustainable meat options that taste good, make them feel good and do good with less planet impact. Prime Roots delivers on all three: taste, nutrition, and sustainability," said Kimberlie Le, Founder and CEO 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."
Consumers are convinced: retail partners report that Prime Roots' deli meat consistently sells out before lunch and sales are pacing at 5-10x higher than other plant-based alternatives. The market for deli meats in the United States is huge and rapidly growing, with over 300 million sandwiches eaten daily. Prime Roots products currently covers over 75% of the deli meat offerings in the market with plant-powered turkey, ham, salami, pepperoni and bacon.