Impossible Foods expands its range of plant products
The American startup Impossible Foods raised $200 million in additional funding. The company is a producer of artificial meat on plant components-
According to the results of the last round, the startup managed to get 1.5 billion dollars of investments. Impossible Foods funds were provided after the launch of a new product – Impossible Sausage plant sausage. Now it is available in 22 thousand restaurants.
The first company where a new sausage product began to be sold last summer was the fast food chain Burger King. After a while, the Starbucks coffee houses have launched an Impossible Breakfast sandwich in their menu. It can be bought in all 15 thousand establishments of the brand, located in the U.S..
Representatives of Impossible Foods startup note that last year a new stage of development began for them, which continues to this day. The company plans to significantly expand the range of products. One of the directions is to present a vegetable analogue in each category of animal food products. The received investments will be directed by the startup to the improvement of vegetable meat production technology as well as to the production of new products.
Experts estimate the company Impossible Foods in 4 billion dollars, among its investors are large hedge funds Coatue and XN, as well as foreign corporations – Korean Mirae Asset Global and Temasek from Singapore. Since its inception in 2011, the startup has received a total of approximately $1.5 billion in funding. According to some sources, Impossible Foods is preparing for an IPO.
The project of meat from plant components, which is as tasty as an animal, has attracted a lot of attention from famous personalities. Jay-Z rapper, singer Kathy Perry, sportswoman Serena Williams and others have invested in the company.
Impossible Foods conducts research on animals and plant products, develops its own technology to replace milk, pork and beef with analogues that are not inferior in usefulness and taste.
Vegetable products of the startup can be purchased not only in restaurants and fast food establishments, they are also represented in the stores of the major retailer Walmart, in total in the U.S. there are 2 thousand outlets.
The founder of Impossible Foods is Patrick O. Brown, who is an honorary professor at Stanford University in the Department of Biochemistry. The company’s main goal is to replace the destructive system of meat consumption, the production of which leads to global climate change. The products of the American startup are made of their environmentally friendly plant-based components. In 15 years Impossible Foods plans to completely replace the meat industry with quality products.