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Impossible Foods rounds up another $500m in funding

TAGS: Business
Impossible Foods Impossible foods.jpg
Company lowers its prices to compete with animal protein products in marketplace.

Impossible Foods announced this week that it has secured approximately $500 million in its latest funding round, bringing the total funding raised to nearly $1.3 billion since its founding in 2011.

It also announced that it recently lowered its prices to U.S. foodservice distributors by 15%, on average -- a move the company said is part of its aim to compete against animal-derived meat in every way that matters to consumers, including affordability. The company said driving down prices is key to its mission of eliminating the need for animal agriculture by 2035.

The latest funding round was led by new investor Mirae Asset Global Investments, with participation from existing investors such as Khosla Ventures, Horizons Ventures and Temasek.

Impossible Foods said it will use the funds, in part, to invest in fundamental research and innovation, accelerate its manufacturing scale-up, expand its retail presence and its availability in key international markets and accelerate commercialization of next-generation products, including Impossible Sausage Made from Plants and Impossible Pork Made from Plants.

"Our mission is to replace the world’s most destructive technology -- the use of animals in food production -- by 2035,” Impossible Foods founder and chief executive officer Dr. Patrick Brown said. “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."

In addition to global institutional investors, Impossible Foods’ new and existing individual investors include celebrities 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.

“With this latest round of fundraising, Impossible Foods has the resources to accelerate growth -- and continue to thrive in a volatile macroeconomic environment, including the current COVID-19 pandemic,” Impossible Foods chief financial officer David Lee said.

Scaleup accelerates

The new funding closely follows the launch of the company’s latest next-generation products, Impossible Sausage and Impossible Pork, which debuted at the International Consumer Electronics Show in January 2020. Demand for the Impossible Burger continues to be strong, with new and existing strategic partners eager to bring plant-based meat to their customer bases.

Burger King continues to sell the Impossible Whopper at its more than 7,000 U.S. locations, saying the menu item has exceeded expectations and continues to attract new guests. DoorDash, the nation’s largest on-demand, door-to-door delivery service, launched a dedicated Impossible Cuisine category to highlight merchants that offer Impossible Foods menu items.

The company further noted that 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, Cal., and at multiple plants owned by co-manufacturing partners.

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