Josh Tetrick, Co-Founder and CEO, Eat Just.  Photo credit: Web Summit, licensed under Creative Commons

Eat Just, a startup that makes plant-based eggs, is seeking to raise at least $200 million in private funding that may value the company at over $2 billion, according to a report [paywalled] by Bloomberg. According to Bloomberg, Eat Just has hired an investment adviser to help arrange a new financing round that could be the company’s last before an initial public offering. 

Before now, Eat Just is known to have raised over $300 million in funding and was valued at $1.2 billion from its most recent financing round. The company’s backers include notable names such as Khosla Ventures, Salesforce CEO Marc Benioff, and Facebook co-founder Eduardo Saverin. 

Eat Just majorly does business under the brand name Just. The company makes plant-based alternatives to protein products such as eggs, milk, and meat. So far, plant-based eggs have been Eat Just’s best-selling product and is a market category where Eat Just seems to dominate in the US.

Currently, Eat Just sells its products through a network of over 17,000 retail outlets in the US. The company has partnered with leading retailers such as Albertsons, Safeway, Kroger, and Acme to sell its products across many states in the US.

Founded in 2011, Eat Just was formerly known as Hampton Creek before ditching the name in 2017 following a controversy that stemmed from allegations of buying its own products in retail outlets in order to artificially boost sales figures. The allegations against the company drew inquiries from the US Securities and Exchanges Commission (SEC) as well as the Department of Justice but were later dropped.

In mid-2017, Hampton Creek rebranded and has operated as Just Eat ever since. The company seems to have stabilized its operations following a bit of turmoil in its old days.

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