2030 Finance | May 15, 2019

Impossible Foods raises $300 million as demand for plant-based meat surges

Dennis Price
ImpactAlpha Editor

Dennis Price

ImpactAlpha, May 15 – Oakland-based Impossible Foods hauled $300 million in a Series E led by Singapore sovereign fund Temasek and Hong Kong-based tycoon Li Ka-shing’s Horizons Ventures. The fifth round of funding for the company, which brings its total funding to $750 million, was also backed by celebrity investors including Jay-Z, Trevor Noah, Katy Perry, Questlove, Jaden Smith and Serena Williams.

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The big raise follows the initial public offering from Impossible’s top competitor, Beyond Meat, which is now valued at more than $4 billion. Impossible Foods is now said to be worth $2 billion, according to Reuters.

“We have cracked the molecular code for meat and built an industry-leading intellectual property portfolio and brand,” said Impossible Foods’ David Lee. Lee told Reuters going public is a priority for the firm, “but we are not in a rush, nor are we announcing an IPO filing.”

The growing demand for, and supply of, plant-based meats could help curb the huge carbon footprint of modern beef production. The market for alternative meats could reach $5.81 billion by 2022, according to Grand View Research study. 

The Impossible Burger is sold in 7,000 restaurants in North America and Asia, including Red Robin, White Castle and Qdoba.

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Last month, Burger King began a pilot of its Impossible Whopper, a meatless burger made with Impossible Foods’ plant-engineered meat the burger chain plans to roll-out across its 7,200 U.S. stores by end of year. Hip-hop artist Questlove launched a Philly cheesesteak made with Impossible Foods’ meat, which now sells at 40 Live Nation venues across the country.

Sales in Hong Kong, Singapore, and Macau have increased three-fold since Impossible Foods launched in Singapore in March, according to the firm.