⚡ Get All Content for 20% Off ⚡

Impossible Foods Raises Another $300 Million to Boost Production of its Bleeding Plant-Based Burger The latest funding round includes celebrity investors such as Alexis Ohanian, Serena Williams, Jay-Z and Katy Perry.

By Stephen J. Bronner

entrepreneur daily
Impossible Foods

To meet increasing demand for its plant-based burgers, Impossible Foods said that it has raised $300 million in a series E round, bringing its total funding to more than $750 million. Reuters reported the company may now be valued at $2 billion.

The eight-year-old company, which had recently partnered with Burger King to bring its Impossible Burger nationwide, had been dealing with shortages. The capital infusion will be used to make more of its plant-based meat at its Oakland, Calif., facility, with the hiring of an additional 50 employees on top of its current headcount of about 70. The company will add a third shift and a second line of production.

Existing investors Temasek and Horizons Ventures led this funding round, and were joined by celebrity investors including Jay-Z, Trevor Noah, Alexis Ohanian, Serena Williams, Kal Penn, Katy Perry, Questlove, Jaden Smith, will.i.am, Jay Brown, Kirk Cousins, Paul George, Ruby Rose, Phil Rosenthal and Zedd.

Related: Major Investments in Plant-Based Foods Include a $310 Million Facility and Tofurky Accepting Its First-Ever Private Investment

The Impossible Burger can be found at more than 7,000 restaurants, including White Castle, Qdoba and Red Robin locations. When Burger King rolls out its version, that footprint will double. The Impossible Burger can also be found in Singapore, Hong Kong and Macau. The Impossible Burger may roll out to retailers later this year, the company said.

The Impossible Burger is made with an engineered heme, a molecule found in plants and animals, which gives the product its "bloody" texture. A new version of it launched at this year's CES, which supposedly better captures the taste of meat.

The other major plant-based meat maker, Beyond Meat, recently went public and excited investors. The stock jumped 163 percent on its first day on the market, but has since cooled.

"Beyond Meat's IPO demonstrates meat eaters and consumers are clearly looking for options and are hungry for change in this space," Impossible Foods CFO David Lee told Entrepreneur.

Meanwhile, Lightlife, the alternative protein brand, will introduce its plant-based burger to store shelves in July.

Stephen J. Bronner

Entrepreneur Staff

News Director

Stephen J. Bronner writes mostly about packaged foods. His weekly column is The Digest. He is very much on top of his email.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Remote Side Hustle a 43-Year-Old Musician Works on for 1 Hour a Day Earns Nearly $3,000 a Month: 'All From the Comfort of Home'

Sam Ziegler wanted to supplement his income as a professional drummer — then his tech skills and desire to help people came together.

Business News

Costco CFO Reveals Uncertain Fate of $1.50 Hot Dog and Soda Combo

CFO Richard Galanti reveals that the price will stay the same — but only "for a while."

Marketing

Ever Wonder Why Certain Websites Rank Higher Than Yours? This SEO Expert Reveals The Secret to Dominating Search Results

It's often the smart use of SEO, now supercharged with AI, particularly in keyword optimization.

Leadership

Former Interrogator Shares 5 Behaviors Liars Exhibit and How to Handle Them

Five deceptive behaviors to look for and how to respond to those behaviors when you encounter them.

Business News

AI Is Impacting Jobs. Here Are the Gigs Affected the Most, According to an Analysis of 5 Million Upwork Postings

The researcher said in the report that freelance jobs were analyzed first because that market will likely see AI's immediate impact.