Prime Roots raises US$30m in Series B funding with participation from Prosus Ventures

Prime Roots raises US$30M in Series B funding to roll out the first-of-its-kind Plant-based deli meats nationwide

Prime Roots brings innovation to deli counters with freshly sliced plant-based meat

San Francisco  May 15, 2023 -- Prime Roots, the leading innovator of deli-style meats made from koji mycelium, today announced US$30m 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 US$50m. The fresh funding will enable Prime Roots to scale and expand to deli counters and restaurants nationwide.

Prime Roots is the first and only company tackling the deli case with the identical microscopic texture of meat and its umami taste made from plants through its innovative and proprietary fermentation and food science technology. Acclaimed chefs helped develop the most famous deli products, including cracked pepper turkey, black forest ham, hickory bacon, salami, and pepperoni, to emulate the savoury, meaty taste and texture consumers demand from meat substitutes. Plus, nutritionally, Prime Roots' products have no nitrates, preservatives, cholesterol, soy, or wheat and are lower in sodium than the leading brand.

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. In addition, a third-party impact lifecycle assessment found that Prime Roots' methods are 89-92% more sustainable than traditional 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," says 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 a deli with disruptive innovation."

Consumers are convinced: retail partners report that Prime Roots' deli meat consistently sells out before lunch, and sales are 5-10x higher than other plant-based alternatives.

The market for deli meats in the United States is vast and rapidly growing, with over 300 million sandwiches eaten daily. Prime Roots products currently cover over 75% of the deli meat offerings in the market with plant-powered turkey, ham, salami, pepperoni, and bacon.

About Prime Roots
Founded in 2017, Berkeley-based Prime Roots is a plant-based deli and charcuterie company on a mission to satisfy meat cravings with better-tasting food that nourishes in naturally better ways, sustainably. The start-up innovated the first-of-its-kind line of sliceable deli meats and charcuterie, including popular flavours like turkey, ham, salami, pepperoni, bacon, pâté and foie gras. These products are made from koji and designed for deli counters and restaurants. Prime Roots recently became a B-Corp and was honoured with the Food and Wine Magazine 'Game Changer's Award' and Fast Company 'World Changing Ideas Award.' For more information, visit http://www.primeroots.com.      


About Prosus:

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s everyday lives.

Every day, billions of customers use the products and services of companies that Prosus has invested in, acquired or built, including 99minutos,  Airmeet, Aruna, AutoTrader, Autovit.ro, Azos, BandLab, Bibit, Bilt, Biome Makers, Borneo, Brainly, BUX, BYJU'S, Bykea, Captain Fresh, Codecademy, Collective Benefits, Creditas, DappRadar, DeHaat, Detect Technologies, dott, EduMe, ElasticRun, eMAG, Endowus, Eruditus, EVERY, Facily, Flink, Foodics, Good Glamm Group, GoodHabitz, GoStudent, Honor, iFood, Imovirtual, IndiGG, Klar, Kovi, LazyPay, letgo, Luno, Mensa Brands, Meesho, merXu, Movile, Oda, OLX, Otodom, OTOMOTO, Oxford Ionics, PaySense, PayU, Pharmeasy, Platzi, Property24, Quick Ride, Red Dot Payment, Republic, Sharebite, Shipper, ShopUp, SoloLearn, SpotDraft, Stack Overflow, Standvirtual, Spendflow, Superside, Swiggy, Thndr, Tonik, Ula, Urban Company, Vegrow, Virgio, watchTowr, and Wayflyer.

Hundreds of millions of people have made the platforms of Prosus’s associates a part of their daily lives. For listed companies where we have an interest, please see: Tencent, Delivery Hero, Remitly, Trip.com, Udemy, Skillsoft, and SimilarWeb.

Today, Prosus companies and associates help improve the lives of more than two billion people around the world.

Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ). Prosus is majority-owned by Naspers.

For more information, please visit www.prosus.com.

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

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