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Impossible Foods Closes $500M in New Funding

Rapidly growing company has now raised $2B since inception
Impossible Foods
Photograph: Shutterstock

Impossible Foods has secured approximately $500 million in its latest funding round, led by existing investor Mirae Asset Global Investments with participation from other existing Impossible Foods investors.

The Redwood City, Calif.-based company is now the fastest-growing plant-based meat company in retail, outpacing the next 10 leading plant-based meat companies combined, according to custom IRI research analyzing U.S. dollar sales for the most recent 13-week period compared to one year ago. This funding round will enable its continued growth in retail and across its supply chain, product portfolio, technology platforms, and international expansion plans.

Impossible Foods has now raised close to $2 billion since its founding in 2011. The company’s previous investment rounds included a $500 million round in March 2020, also led by Mirae Asset Global Investments, followed by an additional $200 million of funding in August 2020, led by Coatue.

“Mirae Asset is excited to double down on the team at Impossible Foods as they continue transforming the global food system,” said Thomas Park, president of Mirae Asset Global Investments (U.S.), in a statement. “It is important to us to partner with true innovators like Impossible Foods’ CEO Pat Brown and support the entire Impossible Foods team as they work to solve one of the most critical challenges facing our planet—climate change.”

The new funding round comes amid a record burst of new product launches from Impossible Foods over a four-month period—including Impossible Sausage Made From Plants, Impossible Chicken Nuggets Made From Plants, and Impossible Pork Made From Plants. Earlier this week, the company added Impossible Meatballs Made From Plants to store shelves in an expansion of its offering at Walmart, with more retailers set to debut the product this year.

Impossible Foods has also added four new international markets over the past 14 months, including Canada, the United Arab Emirates and, most recently, Australia and New Zealand.

“We’re fortunate to have great investors who believe in our long-term mission,” said Impossible Foods CFO David Borecky. “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.”

Impossible products can now be found in about 22,000 grocery stores, up from only 150 stores in March of 2020, as well as in close to 40,000 restaurants globally, says the company.

In addition, Impossible Foods recently launched a number of new collaborations, including a trial with quick-service chain Jack in the Box, a new branded product line by Buitoni, and the launch of two branded marketplaces at Climate Pledge Arena, where Impossible Burger was named the “official burger” of the National Hockey League’s Seattle Kraken.

 

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