Days after the record-shattering Beyond Meat IPO, plant-based meat maker & food industry disruptor Impossible Foods announced that it had raised US$ 300 million in a star-studded Series E round, with the incoming funds to be used to speed up its ambitions to expand its workforce and increase the capacity of the company’s production plant in California. In addition to institutional names, Impossible now has the backing of a legion of of A-lister celebrity investors such as JAY-Z, Trevor Noah, Katy Perry, will.i.am, Jaden Smith, and Serena Williams.
The latest round of funding came amidst a serious surge in sales of the company’s flagship product, the award-winning Impossible Burger, a meatless patty now in its second gluten & wheat-free iteration. Since January 2019, Impossible Foods has experienced strong growth across every sales category – from dining chains, to theme parks, school campuses and independent restaurant businesses. In fact, after a test run at Burger King outlets in Missouri, the fast food chain recently revealed it would be rolling out its Impossible Whoppers across the United States by the end of the year.
Impossible Foods has also three-fold growth in Asia since its March 2019 debut in Singapore. Today, the Impossible Burger is sold across restaurants and cuisines in Hong Kong, Singapore and Macau. Since launching in the region with just four restaurants a year ago, Impossible is now available at over 170 outlets across Hong Kong and Macau, as well as over 50 locations in the Lion City only 2.5 months after its debut. Singaporeans have displayed a strong appetite for the plant-based meat and several F&B partners have seen an increase in foot traffic at their restaurants since Impossible was added to their menus.
Commenting on the international expansion and strong demand, Impossible Foods CFO David Lee said: “Our global financial partners are supporting a technology powerhouse that will transform the global food system.”
Founded in 2011 by biochemist Dr. Patrick O. Brown, Impossible Foods is a foodtech company that makes meat from plants. Impossible’s plant-based alternatives generate a fraction of the environmental footprint compared to traditional animal livestock farming. The Impossible Burger requires 75% less water and 95% less land, and produces 87% lower carbon emissions than a burger made from the meat of cows.
From a nutritional standpoint, the patty compares favourably to beef: not only does it contain similar levels of iron and protein found in ground beef, it is produced without hormones, antibiotics and is gluten-free.
The overarching mission of Impossible Foods is to eliminate the need for animals in the global food system by 2035. The fifth round of funding will enable the company to diversify its manufacturing capacity and add new production lines to scale up its long-term supply goals.
Since its 2011 inception, the startup has already raised a total of $750 million in funding. The rapid growth of sales in Asia and around the world indicates that Impossible is a leader in both the food-tech industry and the broader movement to provide solutions for our unsustainable food system.
Correction: This piece was corrected on May 24 2019 to remove Beyonce as a listed investor- she is not an investor, only her husband JAY-Z is.
Lead image courtesy of Impossible Foods.