Silicon Valley venture capital firm Kleiner Perkins hit it big with Beyond Meat’s IPO on Thursday.
Based in El Segundo, Beyond Meat specializes in plant-based meat products and saw its stock offering soar 163% from its initial price of $25 to close at $65.75 on the Nasdaq stock exchange.
Kleiner Perkins has 7,751,463 shares or 13.48% of the company. Kleiner’s stake was worth $509.6 million at the end of Thursday.
Obvious Ventures, a venture capital firm based in San Francisco, also scored a nice gain with the IPO. It held 4,462,542 shares or 7.59% of the company worth $293.4 million.
Beyond Meat’s flagship product is The Beyond Burger, the world’s first 100% plant-based burger merchandised in the meat case of grocery stores. The Beyond Burger is designed to look, cook and taste like traditional ground beef. Beyond Meat products are currently available in 30,000 points of distribution primarily in the United States as well as several other countries, across mainstream grocery, mass merchandiser and natural retailer channels, and various food-away-from-home channels, including restaurants, foodservice outlets and schools.