Impossible Foods founder and CEO Patrick Brown on the new partnership with Starbucks and how the meatless sector survives coronavirus.
Impossible Foods has secured $ 200 million in funds, led by Coatue – capital that will help startup continue to place its claim in the growing $ 4.5 billion plant-based meat market, competing with Beyond Meat.
Impossible Foods, the maker of Impossible Burger and other plant-based products designed to mimic the look, taste and texture of real meat, has raised nearly $ 1.5 billion since its inception in 2011. The company’s Redwood City $ 500 million in March, one of the largest investment rounds for a food tech startup.
Impossible Foods receives $ 200 million in financing for manufacturing scale and to increase its retail footprint and availability in international markets. (AP).
Impossible Foods will use the funds to accelerate its manufacturing scale, increase its retail footprint and availability in international markets, and develop new plant-based products such as Impossible Pork, in addition to milk, steak and other food-made sans animal products.
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Earlier this year, and at noon due to meat shortages caused in part by the coronavirus pandemic, Impossible Foods took up its retail rollout, launching its own e-commerce website directly for consumers in June. The alternative meat products are now said to be available in more than 9,000 stores nationwide, including Walmart and Kroger, an increase of 60% since March, the company said.
“We plan to make plant-based upgrades for every major category of animal products derived from animal. With this investment, we can continue to develop and commercialize the technology that will enable this transformation, ”said David Lee, Chief Financial Officer for Impossible Foods, in a statement.
The company has also received a star from investors such as Serena Williams and husband Alexis Ohanian, and Jay-Z, among others.
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The plant-based market manages more mainstream interest, especially of carnivores. Plant-based meat sales grew by 23% when sold in the meat department, according to a study released last month by the Plant-Based Foods Association in collaboration with Kroger.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| BYND | BEYOND MEAT INC. | 125.57 | -1.42 | -1.12% |
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Beyond Meat, one of Impossible Foods’ biggest rivals in the plant-based market, reported a 141% spring in quarterly revenue in May, encouraged by Americans preparing more food at home.
