The US-based maker of veggie burgers, Impossible Foods, closed a $75 million investment led by Singapore based company Temasek, while China’s Alibaba-led e-commerce platform Tmall injected $300 million in Yiguo.com, an online retailer for grocery and food items.
Temasek leads $75m in Impossible Foods
Open Philanthropy Project, Bill Gates, Khosla Ventures and Horizon Ventures will also contribute to the round. The company, however, did not disclose further details of the funding.
Based in Redwood City, California, Impossible Foods makes meat and dairy products directly from plants — with a much smaller environmental footprint than those produced from animals. The company claims to be using modern science and technology to create wholesome food, restore natural ecosystems and feed a growing population sustainably.
“Our scientists spent so much time and effort studying a single molecule — heme — because heme is what makes meat taste like meat,” said Impossible Foods CEO and founder Patrick O. Brown. “It turns out that finding a sustainable way to make massive amounts of heme from plants is a critical step in solving the world’s greatest environmental threat.”
The latest round has taken the company’s total funding to over $250 million till date.
Alibaba’s Tmall invests $300m in Yiguo
The investment will help Yiguo.com integrate with Tmall to support Tmall’s development in fresh food purchasing, supply chain management and logistics, helping it compete with rival JD Daojia, the report added. Part of the funds will also be invested in ExFresh, a cold chain logistic unit under Yiguo.com, to improve its infrastructure and support expansion.
Shanghai Yiguo E-Commerce Co., Ltd, owner and operator of Yiguo, was founded in 2005 and is based in Shanghai, China. It provides independent cold chain logistics facilities in about 310 major cities across 27 provinces.
Prior to the latest round, Yiguo closed a $200 million funding led by Suning Commerce Group in November, and an undisclosed Series C led by KKR in March last year.