This week, plant-based startup Impossible Foods secured a new $200 million investment led by technology sector hedge fund Coatue. The company will use the new funding to accelerate its production, increase retail presence in international markets, and to fuel its research, development, and commercialization of new products such as Impossible Pork, milk, steak, and many more.
Founded in 2011 by Patrick O. Brown, M.D., Ph.D, the company’s flagship product, the Impossible Burger quickly grew its foodservice distribution to include chains such as White Castle, Burger King, and Disney properties. On the retail side, the Impossible Burger debuted in select stores in the fall of 2019 and has since increased its footprint 60-fold to more than 9,000 retail locations, including at Kroger, Trader Joe’s, Walmart, and Publix. The company’s newest product, Impossible Sausage, is on the same trajectory and is now available as part of the Impossible Croissan’wich at Burger King, as part of the Impossible Breakfast Sandwich at Starbucks nationwide, and on the menu at Yelp’s top 30 most popular diners.
“The use of animals to make food is the most destructive technology on Earth, a leading driver of climate change and the primary cause of a catastrophic global collapse of wildlife populations and biodiversity,” Brown said. “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 research and development. Our investors believe in our mission to transform the global food system—and they recognize an extraordinary economic opportunity.”
In addition to the new $200 million investment, at the onset of the COVID-19 outbreak in the United States in mid-March, Impossible Foods secured $500 million in a Series F funding round. In May 2019, the company raised $300 million from a large group of celebrity investors, including Serena Williams, Jay-Z, Trevor Noah and Katy Perry. To date, Impossible Foods has raised $1.5 billion to fund its goal of creating viable plant-based alternatives to all animal-derived foods by 2035.
vegan media and get the very best
in news, recipes, travel, beauty, products,
Subscribe now to the world’s #1
Credit: Source link