New infusion to quicken pace of growth, ‘next-gen’ food products
Impossible Foods—the maker of Impossible Burger and Impossible Sausage—raised an additional $200M to expand research and development and quicken the pace of its growth, closing its latest funding round. The Series G raise was led by Coatue, supported by existing investors, Mirae Asset Global Investments and Temasek, and included XN—a new investor. A previous Series F round raised $500M.
According to executives, this new funding round will increase product availability in international markets and propel development of Impossible Pork, a hybrid product, which the company describes as “next gen” and is made from plants, milk, steak and other food ingredients.
Impossible Foods has raised $1.5B thus far from blue-chip companies and a long roster of individual investors, including 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.
The company launched the Impossible Burger in 2016 and followed up this year with the Impossible Sausage. After the Impossible Sausage debut at the 2020 Consumer Electronics Show in January, Burger King and Starbucks became the first major restaurant chains to make the popular plant-based patty at its stores, adding 23,500 points of restaurant distribution.
Impossible growth at grocery stores
Amid the pandemic, the food tech startup has seen explosive growth, growing the presence of Impossible Burger from 150 food retail outlets to more than 8,000 grocery stores since March. Major chains, including Walmart, Kroger and Trader Joe’s, as well as other grocery franchises across the country carry Impossible Burger.
The company has also seen positive growth with its direct-to-consumer e-commerce channel, which can ship to its customers within two days inside the contiguous United States. A total of 75 percent of purchasers say they had tried Impossible Food products previously at restaurants.
“Our investors believe in our mission to transform the global food system — and they recognize an extraordinary economic opportunity,” said Dr. Patrick O. Brown, M.DPh.D., founder and chief executive of Impossible Foods.
According to Impossible Foods, a 4-ounce serving of Impossible Burger has 0 milligrams of cholesterol, 14 grams of total fat, 8 grams of saturated fat and 240 calories, compared to a conventional 4-ounce “80/20” beef patty, which has 80 milligrams of cholesterol, 23 grams of total fat, 9 grams of saturated fat and 290 calories. Plus, the Impossible Burger contains no animal hormones or antibiotics. The patty is also classified kosher, halal and gluten-free certified.
Photo credit: Impossible Foods (featured preview image, inline)
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