Impossible Foods, which sells the the Impossible Burger pant-based meat alternative product, said it has raised $200 million in its latest funding round, led by new investor Coatue.
Impossible Foods has raised about $1.5 billion since its founding in 2011. Existing investors including Mirae Asset Global Investments and Temasek as well as new investor XN also contributed to the “Series G” round.
Impossible Foods will use the funds in part to expand its research and development programs; accelerate its manufacturing scale-up; increase its retail presence and its availability in key international markets; and accelerate commercialization and development of next-generation, plant-based products, such as Impossible Pork, milk, steak and other foods.
“The use of animals to make food is the most destructive technology on Earth, a leading driver of climate change and the primary cause of a catastrophic global collapse of wildlife populations and biodiversity,” said Patrick O. Brown, CEO and founder of Impossible Foods. “Impossible Foods’ mission is to replace that archaic system by making the most delicious, nutritious and sustainable meats in the world, directly from plants. To do that, Impossible Foods needs to sustain our exponential growth in production and sales, and invest significantly in R&D. Our investors believe in our mission to transform the global food system -- and they recognize an extraordinary economic opportunity.”
The company’s previous investment round -- a $500 million “Series F” announced mid-March — was one of the largest investment rounds for a food tech startup and was oversubscribed due to excess demand from investors. n addition to blue-chip institutional investors, Impossible Foods’ existing individual investors include 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.
This new funding follows the launch of Impossible Sausage, the first all-new product from Impossible Foods since the 2016 launch of Impossible Burger. After debuting at the 2020 Consumer Electronics Show in January, Impossible Sausage became available in more than 22,000 restaurants in just six months.