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Impossible Foods: record growth and new funding

November 26, 2021 BOOK CONSULTATION

California-based Impossible Foods has raised nearly $500 million in a funding round led by existing investor Mirae Asset Global Investments with participation from other existing Impossible Foods investors.


It is now the fastest growing plant-based meat company in retail, outpacing the next ten leading competitors combined. The latest funding round makes Impossible Foods the most well-funded and richly valued plant-based burger startup in the United States, with more than $2 billion raised since its founding in 2011.


Impossible Foods’ previous investment rounds included a $500 million round in March 2020, which was also led by Mirae Asset Global Investments, followed by an additional $200 million round in August of 2020 led by Coatue. The leader in the plant-based space was valued at about $4 billion in its last fundraise in 2020. It did not disclose its latest valuation, but it was reported in April 2021 that the California-based company was exploring options for going public at a valuation of $10 billion or more


“Mirae Asset is excited to double down on the team at Impossible Foods as they continue transforming the global food system,” says Thomas Park, president of Mirae Asset Global Investments. “It is important to us to partner with true innovators like Impossible Foods’ CEO Pat Brown and support the entire Impossible Foods team as they work to solve one of the most critical challenges facing our planet — climate change.”


The plant-based meat company has been launching a record number of new products over the last few months, including Impossible™ Sausage Made From Plants, Impossible™ Chicken Nuggets Made From Plants, and Impossible™ Pork Made From Plants. It has also added Impossible™ Meatballs Made From Plants to store shelves in an expansion of its offering at Walmart. The company has added four international markets over the past year.


“We’re fortunate to have great investors who believe in our long-term mission,” said Impossible Foods’ Chief Financial Officer David Borecky. “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.”


Impossible products can now be found in about 22,000 grocery stores, up from only 150 stores in March of 2020, as well as in close to 40,000 restaurants globally.


Just recently the big question was whether the plant-based meat market would take off. Now the global market is projected to reach $450 billion by 2040. An important factor behind this boost in the visibility and popularity of plant-based meat is the growing awareness of the ecological damage that meat-eating causes. The farming of livestock is a major contributor to climate change, while livestock systems – land used either for grazing or growing feed crops – currently occupy 45% of the planet’s land surface. There is also a growing perception among consumers that plant-based meat is healthier.


“Impossible Foods is one of the companies in our portfolio,” says Kris Bort, founding partner of Sakal Ventures, a fund that focuses on late-stage private investing. “We knew that it had a great future. The meat quality people are eating is terrible! Having the same taste with an alternative product from companies like Impossible Foods or Beyond Meat is just incredible. People will live longer and healthier! Is there a better result?”


Companies that can ensure a healthier and more sustainable future are experiencing phenomenal growth.


“If you know what you are doing or work with the right fund advising you, the capital appreciation the late-stage private space can provide is simply unprecedented,” shares Kris  Bort.

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