Startups

Vegan startup Impossible Foods raises about $500M to help the planet with meatless burgers | Tech News


Back in 2019, we published a story about Impossible Foods, when the California-based startup that wants to bring fake meat to the masses, raised $300 million Series E funding to accelerate growth. Since then, the company has witnessed exponential growth and increasing demand for its popular signature product, the Impossible Burger.

Today, Impossible Foods confirmed that it 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 new funding 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 commercialization of next-generation products including Impossible™ Sausage Made From Plants and Impossible™ Pork Made From Plants.

Founded in 2011 by Stanford biochemistry professor and former pediatrician Dr. Patrick O. Brown, Impossible Foods makes meat from plants — with a much smaller environmental footprint than meat from animals. The company uses modern science and technology to create wholesome food, restore natural ecosystems, and feed a growing population sustainably.

“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 recognize an extraordinary opportunity to invest in the platform that will transform the global food system.”

The latest “Series F” equity funding round closed late last week. In addition to global institutional investors, Impossible Foods’ new and existing individual investors include Jay Brown, Common, Kirk Cousins, Paul George, Peter Jackson, Jay-Z, Mindy Kaling, Trevor Noah, Alexis Ohanian, Kal Penn, Katy Perry, Questlove, Ruby Rose, Phil Rosenthal, Jaden Smith, Serena Williams, will.i.am, and Zedd.

“With this latest round of fundraising, Impossible Foods has the resources to accelerate growth — and continue to thrive in a volatile macroeconomic environment, including the current COVID-19 pandemic,” said Impossible Foods’ Chief Financial Officer David Lee. Impossible Foods also announced that it has taken aggressive measures to prioritize the health and safety of its employees since the onset of the COVID-19 outbreak.




Source link

Leave a Reply