USA – Silicon Valley based foodtech startup, Impossible Foods has raised approximately US$500 million in a Series F funding round by new investor Mirae Asset Global Investments.
The finding round also saw the participation from existing investors including Khosla Ventures, Horizons Ventures, and Temasek.
In addition to global institutional investors, Impossible Foods’ new and existing individual investors include Jay Brown, Common, Kirk Cousins, Paul George, Peter Jackson, Jay-Z, Mindy Kaling, Trevor Noah, Alexis Ohanian, Kal Penn, Katy Perry, Questlove, Ruby Rose, Phil Rosenthal, Jaden Smith, Serena Williams, will.i.am, and Zedd.
The funding round brings the total capital that the industry-leading plant-based food company has raised to nearly US$1.3 billion, since it was established in 2011.
Impossible Foods said that it will use the funds in part to invest in fundamental research and innovation; accelerate its manufacturing scaleup; expand its retail presence and its availability in key international markets.
The plant-based food maker has also unveiled that it will be accelerating commercialization of next-generation products including Impossible Sausage and Impossible Pork, which debuted in January 2020.
“Our mission is to replace the world’s most destructive technology — the use of animals in food production — by 2035,” said Dr. Patrick O. Brown, founder and CEO of Impossible Foods
“To do that, we need to double production every year, on average, for 15 years and double down on research and innovation.
“The market has its ups and downs, but the global demand for food is always there, and the urgency of our mission only grows.
“Our investors not only believe in our mission, but they also recognize an extraordinary opportunity to invest in the platform that will transform the global food system.”
Impossible Foods says that demand for the company’s flagship product, Impossible Burger, continues to be strong, with new and existing strategic partners eager to bring plant-based meat to their customer bases.
According to the company, the Impossible Burger experienced an unprecedented sales surge in 2019. As a result, the company more than quadrupled production at Impossible Foods’ manufacturing facility in Oakland, California.
Update on COVID-19
With this latest round of fundraising, Impossible Foods’ CFO, David Lee said that the company has the resources to accelerate growth and continue to thrive in a volatile macroeconomic environment, including the current COVID-19 pandemic.
Impossible Foods maintains that it has taken aggressive measures to prioritize the health and safety of its employees since the onset of the COVID-19 outbreak.
These include mandatory work-from-home policies for all workers who can conceivably telecommute, through the end of April and stringent restrictions on external visitors to company facilities.
The company has also imposed a ban on virtually all work-related travel and events, both domestic and international.
“Our No. 1 priority is the safety of our employees, customers and consumers,” Dr. Brown said.
“And we recognize our responsibility for the welfare of our community, including the entire San Francisco Bay Area, our global supplier and customer network, millions of our customers, and billions of people who are relying on food manufactures to produce supplies in times of need.”