USA – Impossible Foods has raised US4300 million in series E funding round from investors including celebrities Jay-Z, Katy Perry, Serena Williams, Jaden Smith, Trevor Noah and Zedd.
The latest round of funding was led by the company’s major, previous investors Temasek, a Singaporean investment company, and Horizon Ventures, a venture capital firm in Hong Kong.
The California based plant-based company said it will be able to meet increasing demand for plant-based alternatives to meat in the market.
Demand for plant-based protein is on the rise as some consumers are trying to eat less meat for health reasons and to reduce their impact on the environment.
With the latest round which brings funds raised to more than US$750 million, Impossible Foods plans to hire at least 50 new employees at its Oakland, California, factory, which currently employs about 70 full-time employees, according to CNN Business.
Speaking the round, CFO David Lee unveiled plans to open more manufacturing facilities to meet growing demand.
“I think that there will be fits and starts. There will be times when we have more supply than the demand immediately available, and soon enough we’ll outgrow that ability to supply,” said David Lee.
“We are so small today that, until we reach a sizable portion of the overall market, I think we’re going to be growing to meet this scorching demand that we’re seeing today.”
In March this year, Impossible Foods entered the Singaporean market, making its products available in eight restaurants.
Its product offerings include Patty Melt, Impossible Satay Sliders, pan-fried Impossible Gyoza and Black Pepper Impossible Meatball Skewers.
In Asia, the Impossible Burger is sold in a wide range of restaurants throughout Hong Kong, Singapore, and Macau.
With demand outstripping supply, the company will use the funding to add a third shift and a second full production line to help increase its capacity.
Impossible Foods has launched its gluten-free, non-meat Impossible Burger in major chains such as Burger King, Red Robin and White Castle.
Beyond Meat, its close competitor recently launched its initial public offering (IPO) with a goal to raise US$183 million in funding.