Impossible Foods has now raised nearly $ 2 billion to make pet food obsolete by 2035
Impossible Foods recently raised $ 500 million in a new round of funding led by investment firm Mirae Asset Global Investments. This investment builds on previous funding rounds, including a $ 500 million round in March 2020, also led by Mirae Asset, and a $ 200 million round in August 2020, led by investment firm Coatue. With a mission to transform the food system with innovative plant-based alternatives, Impossible Foods is the most heavily funded and fastest growing plant-based startup in the world today.
“Mirae Asset is excited to join the Impossible Foods team as it continues to transform the global food system,” said Thomas Park, President of Mirae Asset Global Investments (US), in a statement. “It’s important to us to work with real innovators like Impossible Foods CEO Pat Brown and to support the entire Impossible Foods team in solving one of the most important challenges facing our planet – climate change.”
The latest funding brings the company’s total investment to nearly $ 2 billion, funds that Impossible Foods will use to fulfill its mission of replacing all animal-based foods with viable plant-based alternatives by 2035.
“We are fortunate to have great investors who believe in our long-term mission,” said David Borecky, chief financial officer of Impossible Foods. “The latest round of funding allows us to further accelerate our product innovation and global expansion efforts while we continue to harness the power of the food system to keep consumers happy and combat climate change.”
Road to 2035: Impossible Foods replaces meat with plants
The global meat sector was valued at $ 889 billion in 2020 and is expected to grow to $ 1.2 trillion by 2025. Animal husbandry is a major contributor to greenhouse gas emissions and Impossible Foods aims to replace part of the global meat market with plant-based meat, which requires far fewer resources to produce while also emitting fewer greenhouse gases.
With the launch of its Impossible Burger in 2016, the company first targeted beef, which is responsible for the majority of the greenhouse gas emissions attributed to animal husbandry. Food giants including White Castle, Burger King and Fatburger. While the original formulation of the plant-based burger approached beef well, Impossible Foods released a version of Impossible Burger 2.0 in early 2019, which this year won top honors at the Consumer Electronics Show, the world’s largest technology trade show.
Next, Impossible Foods targeted pork with the introduction of Impossible Pork in foodservice in early 2020. Its partners included Burger King, Jamba and Starbucks, who added the Impossible Breakfast Sandwich to their menu this summer. Impossible Foods retailed its pork alternative earlier this year with the introduction of Impossible Sausage made from plants in spicy and savory flavors in 13,000 stores across the country.
Impossible Foods is picking up speed
While Impossible Foods initially spent several years developing and launching its first products, the company has accelerated the release of new products in recent months. This summer Impossible launched its first plant-based chicken product, Impossible Chicken Nuggets made from plants. The new vegan chicken nuggets quickly landed on the menu at selected Burger King locations, along with a number of other restaurants – such as Red Rooster, which is owned by celebrity chef Marcus Samuelsson – and known for their animal chicken offerings.
Earlier this month, Impossible Foods launched Impossible Meatballs made from plants – a mix of Impossible Burger and Impossible Sausage. The prepared vegan meatballs are now arriving in the Walmart stores, where they are stored in a special freezer section alongside the other Impossible meat products. The company also wants to replace animal foods outside of the meat sector and last October presented a prototype for its functional plant milk.
In March 2020, Impossible Foods’ plant-based burger was available in around 150 stores. Impossible products are currently available in approximately 22,000 grocery stores and nearly 40,000 restaurants worldwide.
“Our mission is to completely replace the use of animals as a food technology by 2035. We mean business and believe it can be done, ”said Pat Brown, CEO of Impossible Foods, who founded the company in 2011, at an earlier conference this year. “I was confident that we would be successful when I started this company and now I am absolutely confident. For the incumbent, it’s game over [meat] Industry – they just don’t know yet. “
For more information on Impossible Foods’ plant-based innovations, visit:
Impossible Foods is now certified for school lunches
TIME names Impossible Pork one of the 100 best inventions of 2020
Impossible burgers get a lot cheaper in stores