Impossible Foods Raises Another $300 Million to Boost Production of its Bleeding Plant-Based Burger
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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.
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.