Hampton Creek, the San Francisco-based startup that's creating a plant-based alternative to eggs, is in the middle of raising $50 million at a more than $300 million valuation, according to The Wall Street Journal, citing sources. 

Earlier this year, the company raised $23 million in a series B round. In all, the company has raised around $30 million.  

Hampton Creek makes mayo and cookie dough that are egg-free, and sells them directly to grocery stores, such as Whole Foods. The company says that its product is 48% cheaper than using chicken eggs. 

The company also announced that its most-recent big hire, Ali Partovi--who's also an investor--will be leaving the company. 

Sources told Re/code that Vy Capital is leading the latest round, but other investors are involved as well. 

Previous investors include Horizon Ventures, Khosla Ventures, and Founders Fund. 

--This story first appeared on Business Insider.

Published on: Sep 18, 2014