May 16, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

Plant-based deli and charcuterie meat company Prime Roots announced it secured $30 million in funding through a Series B backed by an extensive roster of investors including 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.

Founded in 2017 by Kimberlie Le and Joshua Nixon initially under the name Terramino Foods, Prime Roots uses koji mycelium and its proprietary fermentation technology to make vegan deli meats with the identical microscopic texture and umami taste of traditional meat.

The U.S. deli meat market is vast and rapidly growing, with more than 300 million sandwiches eaten every day. Prime Roots has a mission to satisfy this demand in a more sustainable way, and has developed, vegan, first-of-its-kind sliceable deli meats and charcuterie, including cracked pepper turkey, black forest ham, hickory bacon, salami, pepperoni, pâté, and foie gras.

These products currently offer alternatives to over 75 percent of the deli meat offerings in the market, and do so with no nitrates, preservatives, cholesterol, soy, wheat, and are lower in sodium compared to the traditional leading deli brand. 

Additionally, the company explained that it takes only three to five days to make their deli meats compared to years in some cases for traditional products. The impact of this has been quantified by a third-party impact lifestyle assessment that found Prime Roots’ production methods are 89-92 percent more sustainable than conventional meats due to limited 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,” said Kimberlie Le, founder and CEO, Prime Roots. 

With this new capital that brings total funding to-date for the company to $50 million, Prime Roots stated that it will focus on scaling through expansion into deli counters and restaurants on a national scale. 

And it appears that the expansion will be well received, as the company’s retail partners report that its deli meats consistently sell out before lunch, with sales pacing at five to 10 times higher than other plant-based alternatives. 

“Prime Roots delivers on all three: taste, nutrition, and sustainability,” commented Le. “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.”

Prime Roots is not the only startup out there looking to disrupt the deli counter. Backed by Mark Cuban and Aileen Getty of the Getty family, Mrs. Goldfarb’s Unreal Deli is also looking to make deli sandwiches healthier and more sustainable. 

Launched from the home kitchen of founder and CEO Jenny Goldfarb, the company’s plant-based version of Corn’d Beef, Roasted Turk’y, and Steak Slices are being sold at  Whole Foods, Publix, Ralphs, Giant Food, ShopRite, and now Sprouts Farmers Markets as well. 

“If you can eat a delicious corned beef sandwich that’s actually healthier for you, kinder to our animal friends, and better for the planet,” said Goldfarb, “then why not?”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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