The alternative meat maker Impossible Foods has secured more than $500 million in a fundraising round recently that was led by its current stakeholder Mirae Asset Global Investments. This successful funding round clearly indicates the rise in investor interest in the fast-growing sector of plant-based meat products.
With more than $2 billion raised since the company was established in 2011, Beyond Meat Inc is now the most well-funded and highly valued plant-based burger firm in the United States.
Impossible Foods, which last raised money in 2020 and was valued at over $4 billion, did not reveal its current valuation on Tuesday. The fundraising comes ahead of a possible IPO on the New York Stock Exchange next year.
There were reports in April about the Redwood City, California-based company looking out for and examining its options for going public at a valuation of $10 billion or more.
In recent years, the world’s largest investors have handed substantial cheques to plant-based meat producers, spurred by a surge in popularity of goods that are regarded more climate-friendly and compassionate.
The Livekindly Collective, a plant-based meat firm, garnered $335 million in March from investors including TPG’s The Rise Fund and Rabo Corporate Investments.
During a break in 2009, Stanford University lecturer Patrick Brown decided to alter his career and established Impossible.
Brown sought to make the world food system more sustainable by using plants to recreate meat, fish, and dairy items. The Impossible Burger, the company’s first product, was introduced in 2016.
It went on to gain celebrity sponsorship from tennis player Serena Williams and rapper Jay-Z, and has expanded into four overseas countries in the last 14 months – namely Canada, the United Arab Emirates, Australia, and New Zealand.
Bill Gates, the co-founder of Microsoft, Google Ventures, UBS Group AG, Coatue, Khosla Ventures, and Temasek are also among the important investors of the company.
(Adapted from FXEmpire.com)