REDWOOD CITY — Impossible Foods confirmed it has secured $500 million in its latest funding round, led by new investor Mirae Asset Global Investments, with participation from existing investors including Khosla Ventures, Horizons Ventures, and Temasek. The manufacturer of plant-based foods including the Impossible Burger has raised nearly $1.3 billion since its founding in 2011.
The latest “Series F” equity funding round closed late last week. In addition to global institutional investors, Impossible Foods’ new and existing individual investors include 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.
Impossible Foods will use the funds to invest in fundamental research and innovation; accelerate its manufacturing scaleup; expand its retail presence and its availability in key international markets; and accelerate commercialization of next-generation products including Impossible Sausage Made From Plants and Impossible Pork Made From Plants.
“Our mission is to replace the world’s most destructive technology — the use of animals in food production — by 2035,” said Dr. Patrick O. Brown, M.D., Ph.D., founder and CEO of Impossible Foods. “To do that, we need to double production every year, on average, for 15 years and double down on research and innovation. The market has its ups and downs, but the global demand for food is always there, and the urgency of our mission only grows. Our investors not only believe in our mission, but they also recognize an extraordinary opportunity to invest in the platform that will transform the global food system.”
“With this latest round of fundraising, Impossible Foods has the resources to accelerate growth — and continue to thrive in a volatile macroeconomic environment, including the current COVID-19 pandemic,” said Impossible Foods’ Chief Financial Officer David Lee.
Impossible Foods has taken aggressive measures to protect the health and safety of its employees since the onset of the COVID-19 outbreak, including:
- mandatory work-from-home policies for all workers who can conceivably telecommute, through the end of April;
- stringent restrictions on external visitors to company facilities and those of co-manufacturing partners;
- a ban on virtually all work-related travel and events, both domestic and international;
- and daily sanitizing, disinfecting and deep cleaning of all workplaces to ensure the strictest hygiene standards and utmost safety.