Impossible Foods, the US-based vegetarian meat product manufacturer backed by internet and technology conglomerate Alphabet, closed its latest funding round at $500m yesterday.
The round was led by Mirae Asset Global Investments, the asset management arm of financial services group Mirae Asset Financial, and also featured unnamed existing investors, bringing the company’s total funding to nearly $2bn.
Impossible produces plant-based alternatives to meat products such as burgers, nuggets, sausages, pork and meatballs. Proceeds from the round will be used to grow its supply chain as well as being put toward international expansion plans and technology development.
The company raised $200m in an August 2020 series G round led by Coatue Management with Singaporean state-owned investment firm Temasek, hedge fund manager XN and Mirae Asset Global Investments also participating.
Mirae Asset Global Investments had previously led a $500m series F round for Impossible in March 2020 that included Temasek and venture capital firms Khosla Ventures and Horizons Ventures as well as private investors including Peter Jackson and Mindy Kaling.
Horizons Ventures and Temasek had co-led the company’s $300m series E round in mid-2019, investing alongside Alphabet corporate venturing subsidiary GV, Viking Global Investors, Khosla Ventures, Sailing Capital, Open Philanthropy Project and individuals including Will.i.am, Jay-Z, Serena Williams and Trevor Noah.
GV, Temasek, Horizons Ventures, Viking Global and Khosla Ventures were all existing investors in Impossible. Its earlier backers include financial services firm UBS, Open Philanthropy Project and Bill Gates.
David Borecky, Impossible’s chief financial officer, said: “We are fortunate to have great investors who believe in our long-term mission.
“The latest round of funding allows us to further accelerate our product innovation and global expansion efforts as we continue to leverage the power of the food system to satisfy consumers and fight climate change.”
Photo courtesy of Impossible Foods Inc.
