REDWOOD CITY – Impossible Foods Inc. maker of plant-based meats, has secured $200 million in its latest funding round, led by new investor Coatue.
The food-tech startup has raised about $1.5 billion since its founding in 2011. Existing investors including Mirae Asset Global Investments and Temasek as well as new investor XN also contributed to the “Series G” round.
Impossible Foods will use the funds in part to expand its research and development programs; accelerate its manufacturing scaleup; increase its retail presence and its availability in key international markets; and accelerate commercialization and development of next-generation, plant-based products, such as Impossible Pork Made From Plants, milk, steak and other foods.
“The use of animals to make food is the most destructive technology on Earth, a leading driver of climate change and the primary cause of a catastrophic global collapse of wildlife populations and biodiversity,” said Dr. Patrick O. Brown, M.D., Ph.D., CEO and Founder of Impossible Foods. “Impossible Foods’ mission is to replace that archaic system by making the most delicious, nutritious and sustainable meats in the world, directly from plants. To do that, Impossible Foods needs to sustain our exponential growth in production and sales, and invest significantly in R&D. Our investors believe in our mission to transform the global food system — and they recognize an extraordinary economic opportunity.”
The company’s previous investment round — a $500 million “Series F” announced mid-March, was one of the largest investment rounds for a food tech startup and was oversubscribed due to excess demand from investors.
In addition to blue-chip institutional investors, Impossible Foods’ existing angel 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.
Series G closely follows the launch of Impossible Sausage, the first all-new product from Impossible Foods since the 2016 launch of Impossible Burger. After debuting at the 2020 Consumer Electronics Show in January, Impossible Sausage became available in more than 22,000 restaurants in just six months.
Burger King became the first restaurant to roll out 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. Impossible Sausage also went on sale to all restaurants in the United States via major foodservice distributors, beginning with 30 of the top-rated diners in the country.
In March, at the beginning of the COVID-19 pandemic in the United States, Impossible Burger was on store shelves in only 150 grocery stores nationwide. It’s now available in more than 8,000 grocery stores across all 50 states, including Walmart, Kroger, Trader Joe’s and more — a more than 60X increase in Impossible Foods’ retail footprint in the past six months.