Impossible Foods receives $300m in Series E funding round

  • Impossible Foods receives $300m in Series E funding round

Impossible Foods receives $300m in Series E funding round

The Impossible Burger is now sold in more than 7,000 restaurants in the USA and Europe and has been a top-selling item and a driver of new foot traffic, according to the company.

"That's where plant-based meat alternatives can step in". And given the success of Beyond Meat's public offering earlier this year, Impossible Foods has a benchmark it can reference to illustrate the appetite institutional investors have for meat replacement companies.

Their burger product includes a key ingredient called heme - agenetically modified yeast, which makes the patties appear to be bloody and juicy and taste like real meat unlike conventional veggie burgers.

Plant-based burger startup Impossible Foods has raised a whopping $US300 million ($432.7 million) in Series E funding, with celebrity investors including Jay-Z, Katy Perry, Serena Williams and will.i.am taking a bite of the action.

The creator of the Impossible Burger has now raised more than US$750 million to date.

He pitched them the idea of a plant-based food that would taste like meat with fewer environmental or health risks.

"Both Impossible Foods and Beyond Meat have produced plant-based meat substitutes based on molecular science, with cells created to mimic those of animal protein using plant nutrients". Read Brown's blog to learn more about the company's mission.

As a result, the Company said that it is increasing the number of hours and employees at its Oakland, California, plant. The company is adding a third shift and a second full line of production to help increase its capacity this year.

Beyond Meat's products are already sold at U.S. retailers like Whole Foods and Safeway stores.

"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".

The Impossible Burger is sold in 7,000 restaurants in North America and Asia, including Red Robin, White Castle and Qdoba.

They launched their first faux meat patty more two years ago. However, the burger already launched within restaurants back in 2016. Also in April, the world's second largest burger chain, Burger King, debuted the Impossible Whopper in a regional test in St. Louis. Restaurant Brands' (NYSE: QSR) Burger King chain is planning on launching its Impossible Whopper.

Impossible Foods also entered the Singaporean market in March 2019, and sales in Asia have increased "more than threefold" since the company entered the market. Impossible is sold in a wide range of restaurants and cuisines throughout Hong Kong, Singapore, and Macau.