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
Former Google Director joins team at Impossible Foods
An article by Jill Ettinger, Live Kindly.
Impossible Foods is continuing its disruption of the animal agriculture industry by adding a former Google HR Director, Marcella Butler, to its team.
Butler, recently led the HR department for Opower, now part of Oracle, and ran Google’s HR department from 2007 to 2012. In her new role, Butler will serve as Chief People Officer for Impossible Foods. She’ll report directly to company founder and CEO Patrick O. Brown and work to recruit and retain employees at the fast-growing Silicon Valley darling that’s received funding from the likes of Bill Gates and Richard Branson to further develop its plant-based meat.
Plant-Based Impossible Foods Snags Ex Google Director as it Continues to Disrupt Meat Industry
“Marcella brings to our People team a strong business perspective gained in organizations ranging from startups to major multinationals, in roles from finance and operations to HR leadership,” Brown said in a statement. “She’s an ultra-long-distance athlete with the confidence and discipline to go the distance as Impossible Foods grows rapidly.”
Impossible Foods’ flagship product, the Impossible Burger, “bleeds” thanks to the discovery of a molecule in the root of the soybean plant that mimics the iron-rich substance found in animal flesh. The burger cooks, tastes, and smells like ground beef, the company says, but contains none of the added hormones, antibiotics, cholesterol, and other human health risks of beef. Additionally, plant-based meat requires 75 percent less water, 95 percent less land, and generates 87 percent fewer greenhouse gases than animal-based meat.
Impossible Foods recently acquired a new production facility in Northern California that will allow it to produce one million pounds of its meat per month.