Dive Brief:
Atlast Food Co., which makes alternatives to bacon out of mushroom mycelium through its MyEats brand, raised $40 million to develop and supply whole-cut meat alternatives to partners worldwide through development and scaling its technology. Atlast President Stephen Lomnes said the company is currently building the nation's largest mycelium production facility.
Viking Global Investors led the funding round. It was joined by 40 North, AiiM Partners, Senator Investment Group, Stray Dog Capital and the Footprint Coalition. Leaders and founders from different food and CPG companies, including Applegate, Stonyfield and Whole Foods, also participated.
Atlast is one of a handful of companies that use mushroom mycelium — the fungus' long roots — to make whole cut meat alternatives instead of the ground varieties made by most plant-based meat companies. The company's MyBacon has been on the market in the area near its Albany, New York, home since last November, and Atlast said in a press release it is working with major brands to supply MyBacon at commercial scale.