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Just Fund
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OVERVIEW

The way they fluff, the way they scramble, the way they make breakfast worth waking up for. We especially love how they’re healthier and even taste better when they’re made from plants.

Yes, we said it. The best eggs don’t come from chickens; they come from plants. And delicious eggs might just fix our planet.

Really Good Eggs

MADE FROM PLANTS
Really Good Eggs

Underlying Investment Highlights

  • Just Inc is a world-known unicorn tech company disrupting traditional “animal-derived” food with plant-based ingredients, which can be used and tasted like classic one focusing on less-impact on the environment and no harm to animals;
  • World changing EGG: a precooked, frozen version of the liquid product. It’s cholesterol-free, dairy-free, non-GMO and has more protein than a chicken egg. JUST has sold the plant-based equivalent of more than 100 m chicken eggs;
  • Large distribution base: the company sells products in more than 17,000 locations in the USA, has distribution in China and Europe;
  • Wide appeal: about three-quarters of JUST Egg customers are regular consumers, i.e. neither vegetarians nor vegans;
  • JUST has attracted over $600 m in investments. The company's investors are Khosla Ventures, Founders Fund, Collaborative Fund, Radicle Impact, Marc Benioff, Uni-President Enterprises, Qatar Investment Authority, Charlesbank Capital Partners and Vulcan Capital;
  • The current Eat Just valuation is $2.4bn, the share price is $25.2.

Overview

  • Founded in 2011 by Josh Tetric and Josh Balk, The company has since earned numerous accolades;
  • JUST has been singled out by Bill Gates as “one of three companies shaping the future of food”;
  • Just operates around 120 employees, R&D personnel makes up about 40% comprising a team of engineers, biochemists and Michelin-starred chefs working together;
  • The company has more than 50 patents, including technologies for decomposition and isolation of proteins from mung beans;
  • The liquid scrambles just like a chicken egg, but uses 98% less water, emits 93% less C02 and uses 86% less land than conventional animal sources;
  • The mung beans used by JUST are processed in Canada and Europe.

IPO Roadmap & Strategy

  • CEO has announced JUST focus to hit operating profitability before the end of 2021 and once reaching operating profitability, begin considering an IPO;
  • Pre-IPO growth round: JUST is working with an adviser to raise at least $200m  in a transaction that may value the company at $2bn;
  • JUST plans to significantly increase the production and distribution of the JUST Egg product in 2021-202;
  • International expansion: JUST plans to build and operate its first plant protein facility in Singapore, with investment from a group led by Proterra Investment Partners Asia.
Roadmap

Backed by leading VC funds
with substantial funding to date

VC funds

Backed by leading VC funds
with substantial funding to date

VC fundsVC funds

Additional Details

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RLC Shares Terms

ISSUER: RLC 1 IC 4A LTD
DESCRIPTION: NPV NON VTG PTG
SEDOL: BMBRW07
FIGI: BBG00ZMG2YQ7
ISIN: GG00BMBRW071
CFICODE2015: ESNUFR
FISN: RLC 1/NPV NVTG FPD
Bloomberg: RLI1LPS GU Equity
PLATFORM FEE: 5%
PERFORMANCE FEE: 20%