Impossible Foods Raises $200 Million Investment

Marco Green
August 15, 2020

The new round was led by Coatue, a technology-focused hedge fund; another New York-based hedge fund, XN, also participated in the round.

Last month, the faux meat-startup said it had forged a partnership with Walmart Inc (NYSE: WMT) in the United States to sell its Impossible Foods burger at 2,100 stores across 50 states. The Redwood City-based company previously raised $500 million in March, one of the largest investment rounds for a food-tech startup.

Impossible Foods gets $200 million in funding for manufacturing scale and to increase its retail footprint and availability in worldwide markets.

"Impossible Foods' mission is to replace that archaic system by making the most delicious, nutritious and sustainable meats in the world, directly from plants".

The company will use the new funding to accelerate its production, increase retail presence in global markets, and to fuel its research, development, and commercialization of new products such as Impossible Pork, milk, steak, and many more.

In June, Impossible started selling its burgers online in the U.S. through its website after beef prices shot up as the pandemic forced several meat plants to shutter.

The products of both Impossible Foods and Beyond Meat are available at fast food stores and at Starbucks Corporation's (NASDAQ: SBUX) coffee chain.

"We plan to create plant-based upgrades for every major category of animal-derived food products. This investment will allow us to continue to develop and commercialize the technology that will enable that transformation", David Lee, the chief financial officer for Impossible Foods, said in a statement.

Impossible previously raised money from investment firms including Horizon Ventures and Khosla Ventures, as well as some of the biggest celebrities in the USA, like: Jay Brown, Common, Kirk Cousins, Paul George, Peter Jackson, Jay-Z, Mindy Kaling, Trevor Noah, Alexis Ohanian, Kal Penn, Katy Perry, Questlove, Ruby Rose, Phil Rosenthal, Jaden Smith, Serena Williams, and Zedd.

Other reports by Click Lancashire

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