Impossible Foods announced it raised $200 million in funding, amid its plans to go to retail.
Investments are pouring for Impossible Foods as plant-based meat is all the rage. Last week on Thursday, the Redwood City-based food company announced that it secured a new round of funding amounting to $200 million.
New Funding and Purpose
This new funding comes just six months after another major funding that they received, which was $500 million. The food technology startup has an accumulated funding of about $1.5 billion. Among the popular names who also invested for Impossible Foods include rapper-songwriter Jay-Z, singer Katy Perry, and celebrity actor Jaden Smith.
In a press release, the company wrote that they will use the funds for expansion of its R&D programs and scaling up manufacturing. It also intends to boost its retail presence in “key international markets.” They also want to speed up commercializing and developing next-gen, plant-based foods like milk and steak.
According to Dr. Patrick O. Brown, M.D., Ph. D., chief exec and founder for the startup: “The use of animals to make food is the most destructive technology on Earth, a leading driver of climate change and the primary cause of a catastrophic global collapse of wildlife populations and biodiversity.
“Impossible Foods’ mission is to replace that archaic system by making the most delicious, nutritious, and sustainable meats in the world, directly from plants.”
Attempt in Retail
Alternative meats like those based from plants are gaining popularity nowadays. In addition, given the current situation, many are preferring to stock foods at their home rather than go out to eat.
The company first launched their products in restaurants. Burger King and Starbucks are among those who added Impossible meats in their menus. But since the start, they have always intended to take the retailing path. That was according to CFO David Lee’s interview with CNN Business.
The funding, which came from hedge fund Coatue, coincided with plans for Impossible Foods to expand consumer reach of its plant-based meat. Per CNN Business, Impossible’s product was sold in almost 150 stores in March. Months later amid the pandemic, it is available in 8,000+ stores.