Impossible Foods has announced that it has raised US$ 300M in Series E funding round led by existing investors Temasek and Horizons Ventures.
About Impossible Foods
Founded in 2011, Dr.Patrick O. Brown founded Impossible Food in Singapore. Impossible Foods aims to make meat from plants so that there is a smaller environmental footprint left behind. The company launched its plant-based meat in Singapore. It partnered with eight restaurants and distributor Classic Fine Food to make its product available to consumers.
The company’s flagship product is the plant-based Impossible Burger, which debuted in American restaurants in 2016. Currently, the Impossible Burger sells in more than 7,000 restaurants over two continents. Red Robin, U.S.A’s largest “better burger” franchise, launched the Impossible Burger in nearly 500 restaurants nationwide. Burger King, the world’s second largest burger chain, launched the Impossible Whopper nationwide.
Since the initial launch in Singapore, Impossible Foods’ sales have increased in Asia by more than three-fold. Numerous restaurants and various cuisines in Hong Kong, Singapore, and Macau sells this unique meat.
Series E funding round
Since 2011, the food-tech start-up has raised more than US$ 750M in total. Series E funding round intends to accelerate the company’s rapid scaleup. The funds will be used to accelerate hiring and expand the company’s plant in Oakland, California.
The Series E round also includes popular individual investors like Jay Brown, Zedd, Kirk Cousins, Paul George, JAY-Z, Trevor Noah, Katy Perry, Questlove, Jaden Smith, Serena Williams, and others.
David Lee, chief financial oﬃcer for Impossible Foods said, “We have cracked the molecular code for meat and built an industry-leading intellectual property portfolio and brand.”
He further explained that Impossible Foods’ global investors are showing support in a technology powerhouse that will transform the global food system.
Later this year, the company plans to launch the Impossible Burger in retail outlets.
Impossible Foods is also looking to hire at least 50 new employees at its plant in Oakland, California. Also, the company is adding a second full line of production to increase its capacity and keep up with the rising demand.
It aims to eliminate the need for animals in the food chain by 2035. To achieve continued growth, Impossible Foods is planning to actively add and diversify its manufacturing capacity.