Plant-based meat manufacturer Impossible Foods is promising “hypergrowth” after securing US$200 million in a funding round, led by new investor Coatue along with Mirae Asset, Temasek and XN.
Impossible Foods says it will use the funds in part to expand its research and development programs; speed up the expansion of manufacturing capacity, boost its retail presence in key international markets; and accelerate commercialisation and development of next-generation, plant-based products, such as Impossible Pork, milk and beef alternatives.
The new cash injection takes total investment in the company to $1.5 billion since the business was founded nine years ago.
“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,” said Dr Patrick O Brown, the CEO and founder of Impossible Foods.
“Our 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.”
The new funds follow the launch of Impossible Sausage at January’s CES in Las Vegas, the company’s first new product since the Impossible burger pattie, released in 2016. The sausage is now served in more than 22,000 restaurants, including 7500 Burger Kings.
In the US, Impossible Burger was sold in just 150 US grocery stores, but since the advent of the Covid-19 crisis, the product is now on shelf in more than 8000 grocery stores across all 50 states, including Walmart, Kroger and Trader Joe’s.
Brown said the investors in the company, which include a raft of celebrities, believe in its mission to transform the global food system. “They recognise an extraordinary economic opportunity.”
