Thursday, October 1, 2020

Impossible Foods tops up funding pot with $500m

Impossible Foods, the California-based plant-based meat mavericks, has topped up its funding pot with an additional $500 million.

Led by new investor Mirae Asset Global Investments, the Series F equity funding round brings the start-up’s total funding to almost $1.3 billion since 2011.

The round also saw participations from existing investors including Khosla Ventures, Horizons Ventures, and Temasek. New and existing investors included pop star Katy Perry, The Lord of the Rings director Peter Jackson, and tennis star Serena Williams.

The funds will be used in part to invest in fundamental research and innovation, the company said, as well as accelerating its manufacturing scale-up and expanding its retail presence and availability in key international markets.

Moreover, the company will use the funds to accelerate the commercialisation of its next-gen products including Impossible Sausage Made From Plants and Impossible Pork Made From Plants.

“Our investors not only believe in our mission, but they also recognize an extraordinary opportunity to invest in the platform that will transform the global food system,” said Dr Patrick O. Brown, founder and CEO of Impossible Foods.

CFO David Lee added: “With this latest round of fundraising, Impossible Foods has the resources to accelerate growth — and continue to thrive in a volatile macroeconomic environment, including the current Covid-19 pandemic.”

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