March 18, 2020

Impossible Foods raises US$500 million in investment

The plant-based meat company obtained US$500 million from its latest round of funding, led by Mirae Asset Global Investments from South Korea, reported Reuters.

The new funding brings Impossible Foods to US$1.3 billion raised in investments. Other investors include Temasek, Khosla Ventures and Horizons Ventures.

Alternative meat companies, whether plant-based or lab grown are increasing in demand with consumers aware of the impact traditional livestock raising has on the environment.

David Lee, Impossible Foods chief financial officer said the company can endure shocks in the short term and fulfill its long term goals. He speaks as COVID-19 has spread throughout the world, emptying supermarket shelves.

Impossible Foods' post-money valuation is currently close to US$4 billion. The company's original issue price of its series F shares are at US$15.4139, based on its Delaware-filed certificate of incorporation. Its previous series E shares were issued at US$10.6038.

Competitor Beyond Meat went public in May 2019, trading recently three time higher than its initial public offering. But company shares fell following the wider slump in the market, resulting in Beyond Meat's market capitalisation to under US$4 billion.

Lee did not want to comment regarding Impossible Foods potential public listing. He said the new investment will be used to grow the company's manufacturing facilities.

Impossible Foods produces burger patties made from plants. It launched new plant-based sausages and pork in January 2020.

-      Reuters