“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, a US company that develops plant-based substitutes for meat products, has announced that it has raised around $500 million in its latest round of funding, despite the ongoing coronavirus crisis.
The new financing was led by Mirae Asset Global Investments, with participation from existing investors Khosla Ventures, Horizons Ventures and Temasek, the company said in a statement.
The funding will be used to boost Impossible Foods’ (@ImpossibleFoods) manufacturing. It will also help to expand its distribution in supermarkets and other retailers domestically and internationally, and speed up the commercialisation of its new line of products – Impossible Sausage made from plants and Impossible Pork made from plants.
In total, the nine-year old company has now raised almost $1.3 billion.
“Our mission is to replace the world’s most destructive technology — the use of animals in food production — by 2035,” said Dr. Patrick O. Brown, M.D., Ph.D., founder and CEO of Impossible Foods.
Brown added: “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 recognise an extraordinary opportunity to invest in the platform that will transform the global food system.”
Last year, fast food chain Burger King (@BurgerKing) said it was trialling an “Impossible Whopper” burger in a number of its US stores.
Since it’s made from plants, it has a much smaller environmental footprint than its classic beef counterpart, according to Impossible Foods.
The company’s main aim is to use biology to change consumer’s preference for beef. In a statement, Impossible Foods said: “Animal agriculture uses a tremendous amount of the world’s natural resources: it’s responsible for 15% of global greenhouse gas emissions, consumes 25% of the world’s fresh water, and occupies nearly half of the world’s land.”
Separately, the company also said it was going to change its operational practices to adapt to the Covid-19 pandemic.
Impossible Foods instituted a mandatory work-from-home policy for workers who can telecommute (through the end of April); it also instituted restrictions on external visitors to company facilities and its co-manufacturing partners. In addition, the company said its facilities were undergoing daily sanitising, disinfecting and deep cleaning of all workplaces to ensure hygiene and safety standards.
“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,” said Impossible Foods chief financial officer David Lee.
“Our No. 1 priority is the safety of our employees, customers and consumers,” said Brown. “And we recognise our responsibility for the welfare of our community, including the entire San Francisco Bay Area, our global supplier and customer network, millions of our customers, and billions of people who are relying on food manufacturers to produce supplies in times of need.”