Economy

Impossible Foods raises $300 million as demand for plant-based meat surges

Impossible Foods raises $300 million as demand for plant-based meat surges”

Impossible Foods, a leading producer of plant-based meat alternatives, has announced a new US$300 million funding round led by Singapore sovereign wealth fund Temasek and Li Ka-shing's venture capital fund, Horizon Ventures.

Last month, Burger King began a pilot of its Impossible Whopper, a meatless burger made with Impossible Foods' plant-engineered meat the burger chain plans to roll-out across its 7,200 US stores by end of year. However, a string of celebrity investors are also backing the eco-friendly startup, including tennis star Serena Williams, rapper Jay-Z, and actor Jaden Smith, as well as Katy Perry, Kirk Cousins and Ruby Rose.

Fast-food chain Burger King has said it will launch "Impossible Whopper", which uses Impossible Foods' plant-based patties, nationwide after a successful trial at limited locations. Sales across the continent are rising, according to the company, in restaurants across Hong Kong, Singapore and Macau.

The Oakland, California-based start-up said the funds raised will be used to accelerate its "rapid scale-up", including the addition of 50 people to its 70 full-time employees and capacity expansion in California.

"The success of Impossible Foods and Beyond Meat is proof that plant-based meat has arrived", he added.

"We don't pay for promotions or have an agency that seeks celebrities", Impossible Burger chief financial officer, David Lee, told The Post. "Our global financial partners are supporting a technology powerhouse that will transform the global food system".

Since January, Impossible Foods has recorded growth in every sales category in which it does business - independent restaurants, large restaurant chains such as White Castle and Qdoba, and non-commercial outlets such as theme parks, museums, stadiums, and college campuses.

They launched their first faux meat patty more two years ago.

America's largest "better burger" franchise, Red Robin, launched the Impossible Burger last month at almost 500 restaurants nationwide. Impossible expects the price to come down as it ramps up its alt-meat production. Also in April, the world's second largest burger chain, Burger King, debuted the Impossible Whopper in a regional test in St. Louis.

According to New York Daily News, the brand is best known for its Impossible Burger, "which is made with soy and potato protein, coconut oil, sunflower oil, and heme, or soy leghemoglobin - a molecule that makes meat taste like meat".

His long-term vision was to create plant-based products that could be more environmentally friendly and eventually eliminate the need for farming animals.



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