Impossible Foods Receives Approximately $500 Million In New Funding
Thursday, March 19th, 2020 | 605 Views
Impossible Foods has secured approximately $500 million in its latest funding round, led by new investor Mirae Asset Global Investments, with participation from existing investors including Khosla Ventures, Horizons Ventures, and Temasek. The industry-leading food-tech startup has raised nearly $1.3 billion since its founding in 2011.
Impossible Foods will use the funds in part to invest in fundamental research and innovation; accelerate its manufacturing scaleup; expand its retail presence and its availability in key international markets; and accelerate commercialisation of next-generation products including Impossible Sausage Made From Plants and Impossible Pork Made From Plants.
“Our mission is to replace the world’s most destructive technology — the use of animals in food production — by 2035,” said Dr. Patrick O. Brown, M.D., Ph.D., founder and CEO of Impossible Foods. “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 new funding closely follows the launch of the company’s latest next-generation products, Impossible Sausage and Impossible Pork, which debuted at the International Consumer Electronics Show in January 2020. Demand for the company’s flagship product, the award-winning Impossible Burger, continues to be strong, with new and existing strategic partners eager to bring plant-based meat to their customer bases.
Burger King continues to sell its Impossible Whopper at its more than 7,000 U.S. locations, saying the menu item has exceeded expectations and continues to attract new guests. DoorDash, the nation’s largest on-demand door-to-door delivery service, launched a dedicated Impossible Cuisine category to highlight merchants that offer Impossible menu items.
Impossible Burger experienced an unprecedented sales surge in 2019. As a result, the company more than quadrupled production at Impossible Foods’ manufacturing facility in Oakland, Calif. and at multiple plants owned by co-manufacturing partners.
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