Impossible Foods Raises $114 Million To Expand Into International Markets
Food-Tech startup Impossible Foods has secured $114 million dollars investment to help the company expand their products across international markets.
The company, which was founded in 2011 by Stanford biochemistry professor and former pediatrician Dr. Patrick O. Brown, develops plant-based meat and dairy products made without animals. Its flagship product is the Impossible Burger, which is currently only available in selected restaurants and sporting venues across the US.
The new cash injection takes total investments to nearly $400 million including approximately $214 million in the past 18 months. The company’s newest investors include Temasek and Sailing Capital. Open Philanthropy Project, Temasek, Bill Gates and Horizons Ventures have invested in multiple rounds of funding. Early investors include Google Ventures, UBS and Viking Global Investors.
Founder and CEO, Patrick Brown, commented in a press release, “Our world-class investors enable us to ramp up rapidly and accomplish our urgent mission. We are proud of the progress we’ve made — but frankly, there are still millions of restaurants and billions of people who want meat. We won’t stop until the global food system is truly sustainable.”
According to Brown, the demand for the Impossible Burger is still outpacing production. Brown plans to add an additional shift at the company’s Oakland, Calif. facility to increase supply. In regards to its Asia debut, Brown assured that the move is strategic. Asia is responsible for 44% of the global demand for meat, and this demand is growing faster than any other region. Brown hopes to satisfy this meaty craving with the plant-based Impossible Burger to dramatically reduce the environmental and ethical consequences of eating animals.
The Impossible Burger is unlike many veggie burgers out there. Its unique plant-based formula replicates the look, taste, texture, and even smell of animal meat – so much so, often the most dedicated carnivores struggle to tell the difference.
Source: Live Kindly