Impossible Foods has secured approximately $500 million in its latest funding round, to accelerate the growth of its plant-based meat alternatives.
The Series F equity funding round follows the company’s latest confirmation of raising $300 million in May last year, and takes its total funding to nearly $1.3 million since its establishment in 2011.
With its funding, the start-up plans to invest in fundamental research and innovation, accelerate its manufacturing scale-up, expand its retail presence and its availability in key international markets.
The announcement closely follows the launch of Impossible Pork and Impossible Sausage in January 2020, the start-up’s first new products since the Impossible Burger debuted in 2016.
Impossible Foods will also use the capital to commercialise these next-generation products.
Dr Patrick Brown, founder and CEO of Impossible Foods, said: “Our mission is to replace the world’s most destructive technology – the use of animals in food production – by 2035. To do that, we need to double production every year, on average, for 15 years and double down on research and innovation.
“The market has its ups and downs, but the global demand for food is always there, and the urgency of our mission only grows. Our investors not only believe in our mission, but they also recognise an extraordinary opportunity to invest in the platform that will transform the global food system.”
The latest funding round, which closed late last week, was led by new investors Mirae Asset Global Investments, with participation from existing investors including Khosla Ventures, Horizons Ventures, and Temasek.
New and existing individual investors also included: Jay Brown, Jay-Z, Katy Perry, Ruby Rose, Jaden Smith, Serena Williams, will.i.am, and Zedd.
“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,” said Impossible Foods’ CFO David Lee.
© FoodBev Media Ltd 2020