Impossible Foods raises US$300mil in Series E funding to accelerate scaleup

Impossible Burger creator raises US$300m in Series E round led by Temasek, Horizon Ventures

A-list celebs help pump $300M in funding into Impossible Foods

The latest round for Impossible Foods brings the Silicon Valley-based startup's total raised to more than $750 million.

After Beyond Meat's IPO, Impossible Foods said that it does not have any plans to rush an IPO any time soon.

In the statement, Impossible Foods chief financial officer David Lee said the team has "cracked the molecular code for meat and built an industry-leading intellectual property portfolio and brand".

If you were wondering why Katy Perry dressed up as an Impossible Burger at the Met Gala last week, it would seem that the pop star has a personal steak (sorry, had to) in the plant-based meat company. However, a string of celebrity investors are also backing the eco-friendly startup, including tennis star Serena Williams, rapper Jay-Z, and actor Jaden Smith, as well as Katy Perry, Kirk Cousins and Ruby Rose.

Star athletes including Serena Williams, NFL quarterback Kirk Cousins and National Basketball Association star Paul George have also opened their wallets.

Lee said Beyond Meat's successful IPO did not change Impossible plans or timing to go public but was a "validation". By comparison, Beyond Meat had a market capitalization of just under $1.5 billion in its IPO but now tops $4 billion.

We last wrote about Impossible Foods nearly a year ago. A genetically modified yeast creates the key ingredient, called heme, which makes the patties appear to be bloody and juicy and taste like real meat unlike conventional veggie burgers. Last month, Impossible Foods' partnered with Burger King to introduce the Impossible Whopper in select markets and now the chain intends to offer the burger in all 7,200 of the fast food chain's locations by the end of the year.

Demand for Brown's faux meat products has been so high of late that Impossible Foods even found itself temporarily struggling to keep up with supply and having to warn its buyers that a shortage was "entirely possible".

As consumer appetites grow, competition is heating up in the global meat-substitute market, which is projected to reach $5.81 billion by 2022, according to a 2018 study by Grand View Research.

Since January, Impossible Foods has recorded intense growth in every sales category in which it does business - independent restaurants, large restaurant chains such as White Castle and Qdoba, and non-commercial outlets such as theme parks, museums, stadiums, and college campuses.

In addition to an increasing number of restaurants that sell the Impossible Burger, chefs are expanding the number of items made from the plant-based meat, with average per-store volume increasing. "We have plenty of money to do the things that we want to do right now".

Altre Notizie