Impossible Foods set to become fastest growing brand in plant-based sector as they secure $500M in their latest funding round
Image courtesty of Impossible Foods
The Californian plant-based meat alternatives company have closed their latest funding round, raising close to $500M from leading investor Mirae Asset Global.
Custom IRI research, which compares dollar sales in the US for the most recent 13-week period with those of a year ago, shows that Impossible Foods will likely outdo the next 10 top plant-based meat producers in the future.
This latest sum of money will allow Impossible Foods to continue expanding its development in retail, on digital platforms, in its supply chain, and in its product portfolio.
The company’s investment total has reached near $2bn since it was founded in 2011. Their other funding rounds include a $500M investment led by Mirae Asset Global Investments in 2020, as well as a $200M round led by global tech investment company Coatue in August 2020.
Chief Financial Officer of Impossible Foods David Borecky said: “We’re fortunate to have great investors who believe in our long-term mission,
“The latest round of funding allows us to further accelerate our product innovation and global expansion efforts as we continue to leverage the power of the food system to satisfy consumers and fight climate change.”
The funding will also allow the brand to continue realising their plans for global expansion. The brand is currently available in US supermarkets such as Walmart and Trader Joe’s, and fast-food chains like Burger King. They can also be found in Canada, the United Arab Emirates and in restaurants in Australia and New Zealand. The company plan to bring their goods to the UK but are still waiting on the approval of an application to the UK Food Standards Agency.
Around 22,000 grocery stores and 40,000 restaurants now stock Impossible Foods worldwide. The brand has also taken part in several collaborations with food brands and providers. One of these includes a trial with the US fast-food restaurant Jack In The Box, as well as the launch of a plant-based beef and refrigerated Italian sausage ravioli product with pasta brand Buitoni.
As well as releasing a range of new products over a period of four months, such as plant-based sausages, chicken nuggets and pork, Impossible Foods also launched their plant-based meatballs in Walmart this week, which are expected to hit the shelves in more retailers later this year.