A-list celebs help pump $300M in funding into Impossible Foods

15 Mai, 2019, 16:12 | Auteur: Auguste Feret
  • Impossible Burger creator raises US$300m in Series E round led by Temasek, Horizon Ventures

Including this latest round, the company has raised more than US$750 million since its founding in 2011 by Stanford University biochemistry professor Dr Patrick O. Brown.

The company is now worth $2 billion.

"We don't pay for promotions or have an agency that seeks celebrities", Impossible Burger chief financial officer, David Lee, told The Post.

"Impossible Foods has just brought in the largest fund-raising round for a plant-based meat company in history", said Executive Director Bruce Friedrich of Good Food Institute, a nonprofit that promotes plant-based meat and other products.

"We are not in a rush to be public", Lee said, adding that Impossible Burger is trying to stanch the shortages it's experiencing across the board.

Celebrities have jumped on the investor bandwagon, including Jay-Z, will.i.am, Jaden Smith and Katy Perry. Star athletes including Serena Williams and basketball star Paul George have also opened their wallets. "With these two companies now valued in the billions of dollars, it's clear that the plant-based meat market is both hot and here to stay".

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A friend had made a random comment about how making a beef-like burger that McDonald's could sell that didn't actually come from a cow would be the fastest way to solve the problems he saw with livestock farming.

Ingredients in their burgers include wheat, soy and potato proteins. "In April, Burger King announced plans to add the Impossible Whopper to menus nationwide by the end of 2019, putting Impossible Foods in 7,200 additional locations", Taylor reports.

Since January, Impossible Foods has recorded intense growth in every sales category in which it does business - independent restaurants, large restaurant chains such as White Castle and Qdoba, and non-commercial outlets such as theme parks, museums, stadiums, and college campuses. And given the success of Beyond Meat's public offering earlier this year, Impossible Foods has a benchmark it can reference to illustrate the appetite institutional investors have for meat replacement companies. Lee declined to give a more specific timetable or identify those partners but said the company is actively talking with "top grocery chains in the nation".

Demand for Brown's faux meat products has been so high of late that Impossible Foods even found itself temporarily struggling to keep up with supply and having to warn its buyers that a shortage was "entirely possible". The market for alternative meats could reach $5.81 billion by 2022, according to Grand View Research study. We all know that some of the foods we grow and eat have impact on the environment. "We have plenty of money to do the things that we want to do right now".

Beyond Meat made headlines this month when it became the first plant-based meat company to go public on the Nasdaq Stock Market.

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