Impossible Foods Rakes in USD 500 Million Funding
Impossible Foods has secured approximately US$500 million in its latest funding round. The company will use the funds 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 the commercialization of next-generation products including its plant-based sausage and pork alternatives. The food-tech startup has raised nearly US$1.3 billion since its founding in 2011.
“Our mission is to replace the world’s most destructive technology – the use of animals in food production – by 2035,” says Dr. Patrick O. Brown, 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 new Series F funding round closely follows the launch of the company’s latest next-generation products, Impossible Sausage and Impossible Pork earlier in January, which debuted at the International Consumer Electronics Show. Meanwhile, demand for the flagship product Impossible Burger continues to be strong, the company reports.
Impossible Burger experienced an unprecedented sales surge last year. As a result, the company has reportedly more than quadrupled production at Impossible Foods’ manufacturing facility in Oakland, California, US, and at multiple plants owned by co-manufacturing partners.
The new funding round, which closed last week, was led by new investor Mirae Asset Global Investments, with participation from existing investors including Khosla Ventures, Horizons Ventures, and Temasek.
Amid expansion, the company announced a significant price cut earlier this month, which applies to distributors and averages 15 percent on Impossible Foods’ current US foodservice products. The meat analogs giant further detailed that “month-over-month production records and new economies of scale,” was responsible for the price cut.
Driving down prices remains key to the Impossible Foods’ mission of helping eliminate the need for animal agriculture by 2035. Competing in the traditional meat sector, the company targets affordability for its products.