In February 2024, alternative protein maker Meati Foods, which produces meat substitutes from mushroom root (mycelium), announced a workforce reduction of 13% as part of a restructuring effort to build a financially sustainable business and achieve profitability. While the exact number of employees laid off was not disclosed, the company had reported having up to 150 employees in 2022. This move coincided with a leadership transition, appointing CFO Phil Graves as the new CEO while co-founder Tyler Huggins shifted to chief innovation officer. Despite the layoffs, Meati was actively scaling production and expanding its retail presence, with products in over 3,600 stores and plans to reach 10,000 locations by the end of 2024. The company, part of the burgeoning food tech industry focused on fungi-based products, had previously raised significant venture capital, including a $150 million round to expand operations.
