Impossible Foods raises $300 million to expand Beyond Burger
This latest move brings the Silicon Valley-based startup’s total funds raised to over US$750 million.
“We believe in self-reliance. Being ready to go public is a priority for the company because we need to be operating at the highest level of rigor. But we are not in a rush, nor are we announcing an IPO filing,” Impossible Foods CFO David Lee told Reuters.
He said Impossible Foods is currently in talks with “top grocery chains in the nation.” Beyond Meat’s products are already sold at Whole Foods.
Celebrities Will.i.am and Jaden Smith have joined the bandwagon of celebrities in support of the brand. They wore vegan burger outfits at the New York’s annual Met Gala in a nod to Impossible Foods. Microsoft Corp co-founder Bill Gates and Google Ventures are some of the companies who are interested in the brand/
Beyond Meat had a capital of under US$1.5 billion in its IPO but currently has risen to US$4 billion.
“I think their (Beyond Meat) IPO indicates that retail investors along with retail consumers are ready for something better than the meat they’ve been eating for decades,” Lee said to Reuters.
Impossible Burgers launched its patties merely two years ago, which is a “genetically modified yeast” using heme with wheat, soy and potato proteins added. This type of patty is much more “bloody” and juicy, to resemble real meat.
Fast food chain Burger King has launched the “Impossible Whopper,”using Impossible Foods’ plant-based patties. The burger patty company is sold also at over 7,000 restaurants worldwide including White Castle and Disney theme parks.