3 Mins Read
Adding to its impressive funding war chest, Impossible Foods, the Redwood City, California-based foodtech startup and maker of the now world famous plant-based Impossible burger patty, has announced today that it has secured another US$200 million investment from NYC-based hedge fund Coatue Management LLC.
The sizeable injection brings Impossible’s total funds raised to almost US$ 1.5 billion since its founding in 2011, a record for the burgeoning alternative protein industry, and values the company at around US$ 3.6 billion, according to PrimeUnicorn Index.
Impossible scored global headlines earlier this year, when it successfully closed a US$ 500 million Series F just as the Covid-19 pandemic became global in scale, one of the highest ticket rounds raised by a food tech startup ever, and by all accounts, an oversubscribed one at that.
In a press release received by Green Queen, the company said that the funds will be used to “expand its research and development programs; accelerate its manufacturing scale-up; increase its retail presence and its availability in key international markets; and accelerate commercialisation.”
Impossible also share that the company is aggressively pursuing a go-to market strategy for its new products including Impossible™ Pork Made From Plants, as well as dairy, beef steak and other key foods.
Our investors believe in our mission to transform the global food system — and they recognise an extraordinary economic opportunity.”Pat Brown, Founder & CEO of Impossible Foods
Impossible has been firing on all cylinders in recent months, announcing a mega partnership with Walmart, the US’s largest retailer with the latter selling the company’s ground beef alternative at all their stores nationwide, and launching the Impossible Breakfast Sandwich made with a plant-based sausage at Starbucks outlets across the country. According to the company, Impossible has beein “setting new sales and production records month over month following the 60X expansion of its retail footprint.”
In Asia, Impossible is already available at hundreds of restaurants and cafes in Hong Kong, Singapore and Macau, and debuted their products at Shanghai’s China International Import Exposition late last year. The company has been very clear that the region is a key geography. In an exclusive interview earlier this year, Nick Halla, the company’s Senior Vice President for International Markets told Green Queen that “Asia has been our focus since day one, in one way or another.”
With regards to a possible IPO, Halla said in the same interview that that the company was happy with the support of its many strategic investors and there were no immediate plans to list the company: “Right now with Temasek, Horizon Ventures, Khosla Ventures, Bill Gates, we’re in great shape to build our company as is.”
In a statement about the company’s Series G, founder & CEO Pat Brown said that “Impossible Foods’ mission is to replace that archaic system by making the most delicious, nutritious and sustainable meats in the world, directly from plants. To do that, Impossible Foods needs to sustain our exponential growth in production and sales, and invest significantly in R&D. Our investors believe in our mission to transform the global food system — and they recognise an extraordinary economic opportunity.”
The global coronavirus pandemic has exposed the world’s broken food systems, with meat slaughterhouses and abattoirs become disease-ridden hotspots across the globe, and consumers worldwide have responded by doubling down on plant-based meat purchases.
Lead image courtesy of Impossible Foods via Facebook.