Plant-based egg producer, Eat Just has just received US$25 million in funding and signed a strategic partnership with Alibaba-backed private equity firm, C2 Capital Partners to grow its business in mainland China.
US-based Eat Just will use the funds on R&D to improve product quality and build infrastructure to scale production. Eat Just will also benefit from C2 know-how in logistics, branding, marketing, omnichannel sales and distribution. C2 will also assist Eat Just with regulatory compliance in China.
The start-up plant-based egg brand, Just Egg was launched in China on e-commerce platforms that also include Alibaba-owned Tmall in 2019, and has been growing its business primarily in Shanghai. In 2023, the company plans to get regulatory approval for its Good Meat brand of cultivated chicken product in mainland China.
China is the world’s largest egg-producing country, accounting for more than 30% of the global market, in addition to being the largest consumer of meat on the planet.