Investors who salve like it will have to wait a little longer to buy some Powerless Foods stock on the public market.
The fast-growing plant-based meat launch said Thursday it secured a fresh $ 200 million in funding, led by new investor Coatue. Impossible has now raised $ 1.5 billion since its inception in 2011. It is the last round of funding of $ 500 million returned in mid-March.
Coatue – which has traditionally focused on tech space – is no stranger to cutting big checks for buzzy startups. The company had stakes in Uber, Lyft, Grab and Snap. It reports it has more than $ 25 billion in assets under management.
Existing investors in Impossible, Mirae Asset Global Investments and Temasek, have also contributed to the Series G round alongside another new name XN.
Impossible plans to use the funds to expand their R&D capabilities, accelerate production output and support a broader deployment of retail stores.
Citizens of “Impossible Foods” made from plant-based substitutes for meat products are sitting on a shelf for sale on November 15, 2019 in New York City. – Vegetarian alternatives to burgers and sausages, brought back by start-ups like Beyond Meat and Impossible Burger, enjoy a certain enthusiasm that meat giants also want to enjoy. Since this summer, the world leader in the JBS sector has been branding a soy burger burger in Brazil that includes beets, garlic and onions, with a look similar to a rare ground steak. In the US, the largest meat producer Tyson Foods launched in June a new line of plant-based products such as mixing meat and vegetables. The competitors Hormel Foods, Perdue Farms or Smithfield have similar initiatives. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS / AFP via Getty Images)
“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 and biodiversity populations,” said Drs. Patrick O. Brown, MD, Ph.D. D., CEO and founder of Impossible Foods, in a statement.
Brown added, “The mission of Impossible Foods is to replace that archaic system by making the finest, most nutritious and sustainable meat in the world, directly from plants. To do that, Impossible Foods needs 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.”
Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, en reddit.“data-reactid =” 52 “>Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, en reddit.
