Impossible Foods has secured $500 million in its latest funding round, bringing its total to nearly $2 billion since its inception in 2011.
Impossible Foods has announced a $500 million funding round on Tuesday (November 23), led by existing investor Mirae Asset alongside other previous investors. Mirae Asset also led the $500 million round Impossible closed back in March 2020, before it closed another $200 million led by Coatue in August 2020.
The latest capital injection brings the total funding to date to almost $2 billion since its founding in 2011. Reports of the new $500 million round had been circulating earlier this month, with analysts expecting the round to bring its valuation to around $7 billion, topping that of rival Beyond Meat.
Impossible’s global expansion
The Silicon Valley food tech says that the fresh funds will fuel its ongoing global expansion. Over the past 14 months, the firm has brought its plant-based patties to 4 more markets, bringing its total to 7 countries in total.
Over the past month, Impossible entered Australia and New Zealand, with leading chain Grill’d in Australia replacing its Beyond patties with the Impossible Burger across all 150 of its outlets for the launch. It came shortly after the brand debuted in the UAE, its first Middle East market.
“We’re fortunate to have great investors who believe in our long-term mission,” commented Impossible CFO David Borecky. “The latest round of funding allows us to further accelerate our product innovation and global expansion efforts as we continue to leverage the power of the food system to satisfy consumers and fight climate change.”
“Mirae Asset is excited to double down on the team at Impossible Foods as they continue transforming the global food system,” shared Mirae Asset president Thomas Park, who added that it was “important” to “partner with true innovators…as they work to solve one of the most critical challenges facing our planet—climate change.”
More than just beef
While Impossible is best known for its flagship heme-filled burger patties, the brand has broadened its range to include a number of alternatives designed to replace different types of meat.
It has added sausages, pork and chicken nuggets to its portfolio, with these products available in some but not all of its markets. With the new funding, Impossible says it will look to increase distribution and availability of its products internationally, and enter more retail shelves.
Right now, Impossible’s products can be found in around 22,000 grocery locations and nearly 40,000 foodservice outlets globally.
The company’s founder and CEO Pat Brown recently hinted at an IPO soon, describing the move as “inevitable” in a recent interview.
All images courtesy of Impossible Foods.