USA, Redwood City, Calif. Meat alternative manufacturer Impossible Foods has closed on $200 mill in additional funding.
The investment will be used to continue expanding R&D, product development and international operations, according to the company.
With the latest round, Impossible Foods has raised approximately $1.5 bn. in capital. Coatue Management, LLC, New York, led the series G equity round. Existing investors include Mirae Asset Global Investments and Temasek. “Our investors believe in our mission to transform the global food system – and they recognize an extraordinary economic opportunity,” said Patrick O. Brown, PhD, chief executive officer.
The investment comes on the heels of the introduction of the Impossible Sausage in January. Since then, the new product is available in more than 22,000 restaurants, according to the company. Burger King became the first restaurant to introduce the Impossible Sausage in June when it launched the Impossible Croissan’wich in all 7,500 locations in the United States. A week later, Starbucks launched the Impossible Breakfast Sandwich in all 15,000 Starbucks nationwide.
“2020 has been a year of explosive growth for us, but this is just the beginning,” said David Lee, chief financial officer for Impossible Foods. “We plan to create plant-based upgrades for every major category of animal-derived food products. This investment will allow us to continue to develop and commercialize the technology that will enable that transformation.”