Alt-Meat Maker Impossible Foods Raises $500M In Fresh Funding
A leading maker of plant-based meat substitutes, Impossible Foods, has obtained a fresh cash infusion from VCs. It has raised $500mn in new funding, bringing the total amount of funding it has raised since inception to $2bn.
- It’s evident that investors are longing for Impossible Foods, a leading brand in the nascent market for plant-based meat substitutes. There’s clearly huge potential for plant-based meat substitutes, driven by an increasing vegan population and the appeal to lower the carbon footprint that spurs from meat consumption.
- To that end, Impossible Foods is growing rapidly. Its products can now be found in more than 20,000 retail stores, compared to 150 as of March 2020, and 40,000 restaurants globally. Over the past year, Impossible has launched in new countries, including Australia, Canada, New Zealand, and the UAE.
- Impossible Foods, privately held, is gradually closing on its publicly-traded archrival Beyond Meat (NASDAQ: BYND). For comparison, Beyond Meat’s products are available in over 80 countries, and it brought in $407mn in revenue last year.
- Investors around the world are betting big on the plant-based meat sector. There have been several big funding rounds in the industry this year, including $350mn by Nature’s Fynd, $335mn by Livekindly Collective, and $58mn by Brazil’s Future Farm.
- It’s said that Impossible Foods was valued at $7bn with its latest funding round.