Impossible Foods Seeks More Funding

Plant-based meat substitutes maker Impossible Foods Inc. is eyeing to raise between $300 million and $500 million in a new round of private funding, Reuters reported on Monday.

What Happened

The new funding — if it happens as planned — will take Impossible Foods’ valuation to between $3 billion and $5 billion. The company was valued at $2 billion in May, Reuters noted.

Following a successful investment round, the California-based company could seek to go public as soon as early next year, sources close to the matter told Reuters.

What’s Next

Impossible Foods said that they're considering “every option” for fueling the company’s long-term growth and mentioned that they did not confirm "any plans or timing" for the IPO.

Impossible Foods is best known for its “Impossible Burger,” a plant-based alternative to the beef patty it first launched in 2016. The company partnered with Burger King to launch a similarly plant-based “Impossible Whopper” in August.

Competitor IPO

Beyond Meat BYND, its main competitor in the U.S., raised $240 million in an IPO in May, Reuters reported at the time.

The Los Angeles-based company’s shares surged to up to 734% after going public, amid growing demand for vegan products, Business Insider reported in July.

Beyond Meat’s shares closed at $77.28 on Monday, less than two-thirds of the all-time high $234.90 it hit in July, but still more than three times its IPO price of $25.