Plant-based meat company Impossible Foods Inc. announced Thursday $200 million in fresh funding that it plans to use to fuel expansion.
The Series G funding round was led by New York-based technology sector hedge fund Coatue Management, the company said in a statement.
The plant protein-centric firm plans to use the funds to expand research and development, double-down on its manufacturing scaleup and expand its retail presence and availability in important global markets.
The Beyond Meat Inc BYND rival is targeting the commercialization and development of products such as plant-based pork, milk, and steak.
Impossible Foods has raised a total of $1.5 billion to date. In its previous investment round, the company raised $500 million.
“2020 has been a year of explosive growth for us, but this is just the beginning,” Impossible Foods Chief Financial Officer David Lee said.
He disclosed that the investment would be used to “continue to develop and commercialize the technology that will enable that transformation.”
Why It Matters
Last month, the faux meat-startup said it had forged a partnership with Walmart Inc WMT in the United States to sell its Impossible Foods burger at 2,100 stores across 50 states.
The products of both Impossible Foods and Beyond Meat are available at fast food stores and at Starbucks Corporation’s SBUX coffee chain.
Restaurant Brands International Inc QSR sells the Impossible Whopper at its Burger King restaurants, while Beyond Meat’s products can be found at Dunkin Brands Group Inc’s DNKN Dunkin Donuts outlets.
Photo courtesy: Impossible Foods
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