Plant-based burger maker Impossible Foods raises $200m in fresh funding

Photo: Impossible Foods' Facebook page

Plant-based burger maker Impossible Foods said on Thursday it secured $200 million in funding, less than six months after it raised the largest investment ever for a food tech startup, bringing total funds raised since its founding in 2011 to $1.5 billion.

The company, which counts Jay-Z, Reddit co-founder Alexis Ohanian and singer Katy Perry among others as its investors, said it would use the money to expand research, develop new products and for internal operations.

Among the first to introduce burgers made from plants that taste and cook like meat, Impossible has been rapidly expanding its retail footprint, selling its products in thousands of grocery and retail U.S. stores, including about 2,000 Walmart Inc stores.

In June, Impossible started selling its burgers online in the United States through its website after beef prices shot up as the COVID-19 pandemic forced several meat plants to close.

“Our growth in retail has certainly been a big part of the story… For us, throughout this current (pandemic) period, we’ve just tried to adjust the way the meat eater is increasingly purchasing the product,” Chief Financial Officer David Lee said in an interview.

Impossible Foods and rival Beyond Meat Inc have struck high-profile deals with several restaurant chains, including Subway and KFC, but have had to find new strategies to stay afloat as many chains were forced to limit operations due to the pandemic.

Impossible‘s latest funding round, which follows the $500 million raised in March, was led by hedge fund Coatue and included existing investors Mirae Asset Global Investments and Temasek, the company said.

Data tracker Prime Unicorn Index estimates Impossible‘s valuation at about $4.03 billion following the latest Series G round. The most recent price per share was $16.15, higher than its Series F price of $15.41, according to Prime Unicorn.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.