Mirae Asset leads Impossible Foods’s latest $500m funding round

Photo: Impossible Foods

Plant-based meat company Impossible Foods said on Monday it raised about $500 million in its latest series F funding round, which was led by new investor South Korea’s Mirae Asset Global Investments.

The funding announcement comes as the novel coronavirus outbreak hits the U.S. hard with schools in many states closing and consumers emptying shelves at grocery stores. Top venture capital firm Sequoia recently called it a “black swan” event and urged its startups to be careful with cash.

“Whatever the headlines are, we have the means to withstand short term shocks and realize our long term mission,” Impossible Foods Chief Financial Officer David Lee said.

The latest round brings the total raised by the Redwood City, California company to $1.3 billion. Other investors in this round include Khosla Ventures, Horizons Ventures, and Temasek.

Plant-based meat and lab grown meat companies have been gaining traction with many consumers becoming more aware of the environmental impact of industrial husbandry.

Rival Beyond Meat Inc is trading at three times its initial public offering price in May and worth around $4.5 billion even after the recent market rout.

Impossible Foods declined to disclose the latest valuation. Reuters in November citing sources said the company was aiming to more than double the $2 billion valuation it attained in its May funding round.

Lee declined to talk about when the company could go public. He said the latest funds will help the company expand its manufacturing capacity. In addition to its plant-based burger patties, Impossible Foods also launched plant-based sausages and pork earlier this year.

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.