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

Andrew Cummings
May 15, 2019

The Silicon Valley-based startup, meatless food's current It company, is valued at a jaw-dropping $2 billion after its latest round of funding raised $300 million in capital, according to Reuters.

He pitched them the idea of a plant-based food that would taste like meat with fewer environmental or health risks.

After Beyond Meat's IPO, Impossible Foods said that it does not have any plans to rush an IPO any time soon.

As with competitors' vegan burger offerings - such as Impossible Foods' Impossible Burger which is sold in Burger King, and Nestlé's Incredible Burger which is sold in McDonald's Germany - Beyond Meat is spreading across the foodservice sector. Last month, Impossible Foods' partnered with Burger King to introduce the Impossible Whopper in select markets and now the chain intends to offer the burger in all 7,200 of the fast food chain's locations by the end of the year.

"We don't lead with the source of guilt that meat eaters have globally".

In 2016, it released its Impossible Burger product, created to look and taste like a beef burger.

Impossible Foods said on Monday that it has raised another United States dollars 300 Million in its latest funding round, according to CNBC. Impossible expects the price to come down as it ramps up its alt-meat production.

Brown launched Impossible Foods back in 2011 after giving up his dream job at the Stanford University School of Medicine where he had worked as a professor of biochemistry for two decades.

Despite encouraging signs from investors, it is not in a hurry to go public, chief financial officer David Lee told Reuters.

The company has recorded 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 since January 2019.

We last wrote about Impossible Foods nearly a year ago.

The presence of Impossible Foods' Asian investors point to the hunger for protein replacements on the continent where the quality of meat is an issue and rising demand is putting increasing pressure on companies looking to feed the continent's newly wealthy consumers more high-quality protein.

America's largest "better burger" franchise, Red Robin, launched the Impossible Burger last month at almost 500 restaurants nationwide. In Asia, the Impossible Burger is sold in a wide range of restaurants throughout Hong Kong, Singapore, and Macau.

In an interview with the South China Morning Post, Lee said Impossible Foods would focus on expansion in Asia, where about half the world's meat demand is based.

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