PreIPOSwap.com 1/9/2021 — New York, NY — With the news of another Pre IPO company going public via SPAC (SoFi) investors are looking at what’s next in the pipeline. There are many companies but here we are going to cover JUST, a company that makes eggs from plants. It’s a crazy idea, but it’s already a proven product. Their flagship egg product can be purchased in grocery stores across the country including Wal-Mart. But that’s not all, they are also working on a project to re-create Kobe beef, you know the super expensive Wagyu beef that comes from only one of several family farms in Japan. Hear part of the story to be inspired:
Now, the Toriyamas are honoring the beliefs of the three generations that came before them by taking on a new challenge: How do you bring this meat to more people — from Michelin-starred restaurants in Barcelona to diners in Birmingham — and promote an appreciation for Wagyu culture around the globe? We’re incredibly proud to help them answer that question by combining our expertise in cellular agriculture with their generational mastery. Through a first-of-its-kind partnership, we will develop cultured Wagyu beef using cells from Toriyama prized cows. Then, Awano Food Group (a premier international supplier of meat and seafood) will market and sell the meat to clients, exactly how they do today with conventionally produced Toriyama Wagyu.
The difference between JUST and other meat alternatives is that it’s non-GMO. They have over 100 food scientists working on this problem for years. It’s not uber GMO like some products out there. It’s as in the name – it’s JUST egg, JUST beef, etc. This is cellular agriculture, not genetically modified. Being a Non-GMO product is very appealing to the health crowd and the sustainable crowd. This is one area where JUST shines. Explaining their food philosophy, they have launched a site Goodmeat.co
So who is behind this company? According to Crunchbase:
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Investor Name
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Lead Investor
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Funding Round
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Partners
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|---|---|---|---|
 Verso Capital
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— |
 Series F – Eat Just, Inc.
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— |
 Julien Machot
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— |
Series F – Eat Just, Inc.
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— |
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Julien Machot
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— |
Convertible Note – Eat Just, Inc.
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Julien Machot |
 London Impact Ventures
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— |
Convertible Note – Eat Just, Inc.
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Aboud Khaddam |
 Khosla Ventures
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Yes |
Series C – Eat Just, Inc.
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Samir Kaul |
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Uni-President Enterprises Corporation
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— |
Series C – Eat Just, Inc.
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— |
 Brian Meehan
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— |
Series C – Eat Just, Inc.
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— |
 Marc Benioff
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— |
Series C – Eat Just, Inc.
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— |
 BlackPine
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— |
Series C – Eat Just, Inc.
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— |
 Velos Partners
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— |
Series C – Eat Just, Inc.
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— |
It goes on to list Founders Fund (Peter Thiel), Horizons Ventures (Sir Li Ka-shing), and other big firms. The way it works with VC in today’s environment, if something is going to fail, they just throw money behind it until it works. The risk isn’t so much the business model, the risk is having a crazy CEO, as was the case with WeWork. The JUST CEO is Josh Tetrick, an All-American entrepreneur who is the stereotype of what an entrepreneur should be:
After returning from Africa, Tetrick worked for Toms Shoes for short period of time before launching 33needs.[17] In June 2011, Tetrick developed the idea for Hampton Creek with his friend, Josh Balk. The idea stemmed from issues both of them noticed in the global food system.[18][3] Tetrick began initial business plans and meetings with Khosla Ventures, a Palo Alto-based venture capital firm later that summer. Hampton Creek received its first round of funding in December 2011 and a second round (after a relocation to San Francisco) in June 2012.[18] Tetrick has been interviewed for his work with Hampton Creek in Bloomberg Businessweek,[19] NPR,[20] and The New York Times.[18] In March 2013, Tetrick and Hampton Creek became one of three companies to be featured in Bill Gates’ documentary, The Future of Food.[21] In June 2013 Tetrick spoke at a TED conference in Edmonton, Alberta, Canada on the future of food.[22] In June 2014, Inc. included Tetrick in its annual “35 Under 35” list.[23] That same month, CNBC named Hampton Creek to its annual “Disruptor 50” list and invited Tetrick to appear live on air with Jim Cramer.[24]
Josh Tetrick/CEO interview: JUST Egg Interview
Another advantage of JUST compared to competitors is the valuation. It hasn’t seen the huge run up that Impossible Foods has, and is still trading at or below their last round. And the company is on a roll, it was just granted the first regulatory license for cultured meat, in December 2020:
SINGAPORE–(BUSINESS WIRE)–Eat Just, Inc., a company that applies cutting-edge science and technology to create healthier, more sustainable foods, today announced that, after a rigorous consultation and review process, its cultured chicken has been approved for sale in Singapore as an ingredient in chicken bites. The company has developed other cultured chicken formats that will be an extension to this product line. The first-in-the-world regulatory allowance of real, high-quality meat created directly from animal cells for safe human consumption paves the way for a forthcoming small-scale commercial launch in Singapore of Eat Just’s new GOOD Meat brand, details for which will be disclosed at a later date.
The global egg market is $200 Billion USD and that’s just one of JUST’s products. Moving into high end markets like Wagyu beef is going to be interesting, because the price of Kobe vs. US Angus can be 100% or even 200% greater than your traditional Grade A Filet Mignon.
COVID has played a positive role for the company as well, as meat factories have been closing and supply chains have been disrupted. Finally, just like it’s competitors, this is a food solution for Jews, Muslims, Vegans, and others who don’t eat certain kinds of meat or eggs. Being sustainable attracts the IMPACT consumer, people who will buy certain products to save the planet. On the surface, JUST seems to be a company that gives us the feel good vibes as well as the profit potential all in one package. Dig through the materials below if you want to learn more, or try the product next time you go shopping (it’s usually near the eggs).
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REFERENCE ARTICLES
JUST / EXCLUSIVE-Plant-based egg maker JUST sees profit next year, then will look at IPO | Nasdaq: IPO Plans
JUST, Michael Foods Partner to Put Plant-Based Eggs on More Foodservice Menus: Michael Foods Partnership
JUST & European Food Manufacturer Emsland Group Partner to Scale Plant-Based JUST Egg:
Emsland Partnership
JUST Egg Reports Q1 2020 Retail Sales Surge and Piqued Consumer Interest: Q1 2020 Sales
JUST gains new partners to bring JUST Egg to Asia, Latin America and Europe: Global Partners