Impossible Foods Inc. has announced that it has secured $200 million to expand its research and development programs, increase the speed of its manufacturing scaleup, increase its retail presence.
FREMONT, CA: Recently, Impossible Foods Inc. has announced that it has secured $200 million in its new funding round, preceded by the new investor Coatue.
Since its founding in 2011, the industry's most popular food-tech startup has raised about $1.5. Current investors, including Mirae Asset Global Investments and Temasek, and the new investor XN also contributed to the "Series G" round.
Impossible Foods will utilize the funds in part to expand its research and development programs, increase the speed of its manufacturing scaleup, increase its retail presence, and its availability in major international markets. It can also increase the speed of commercialization and development of next-generation, plant-based products, like impossible pork made from plants, milk, steak, and other foods.
Dr. Patrick O. Brown, M.D., Ph.D., CEO and Founder of Impossible Foods, said animals' utilization to make food is the most devastating technology on Earth. It is also the major driver of climate change and the primary reason for a disastrous worldwide collapse of wildlife populations and biodiversity. The mission of Impossible Foods is to replace that outdated system by making the most delicious, nutritious, and sustainable meats in the world, directly from plants. To do that, the Impossible Foods must sustain the exponential growth in production and sales, and invest considerably in R&D. Moreover, the company's investors believe in the mission to change the global food system, acknowledging an exceptional economic opportunity.
One of the largest investment rounds for a food tech startup was when its previous investment round a $500 million "Series F" announced mid-March. It was also oversubscribed due to the immense demand from investors.
Besides, blue-chip institutional investors, Impossible Foods' current individual investors consist of Jay Brown, Common, Kirk Cousins, Paul George, Peter Jackson, Jay-Z, Mindy Kaling, Trevor Noah, Alexis Ohanian, Kal Penn, Katy Perry, Questlove, Ruby Rose, Phil Rosenthal, Jaden Smith, Serena Williams, will.i.am and Zedd.