August 14, 2020

Impossible Foods secures US$200 million in funding

Plant-based alternative meats producer Impossible Foods secured US$200 million in its new round of funding, hitting US$1.5 billion in total funding since 2011, Reuters reported.

The company said the new funds will be channeled towards research and development for new products as well as internal operations. Investors include the Coatuehedge fund plus current investors Mirae Asset Global Investments and Temasek.

Impossible Foods has been growing its retail presence, with its products available at 2,000 Walmart stores and thousands of other grocery and retail outlets in the United States. Thed company also opened an online store.

David Lee, Impossible Foods chief financial officer said the company has adapted its way of selling its product to meat-eaters. Impossible Foods had benefitted from surging beef prices caused by meat plant closures from COVID-19 outbreaks among workers.

Impossible Foods and its major competitor Beyond Meat products are sold at major restaurant chains such as KFC and Subway, but both companies were forced to find new business strategies when restaurants had to limit operations because of COVID-19.

In March, Impossible Foods raised US$500 million in funding, the biggest investment for a food tech startup.

Prime Unicorn Index, a data tracker projected Impossible Foods' current valuation at US$4.03 billion. The company's price per share to date is US$16.15.

-      Reuters