Impossible Foods, the San Francisco-based company known to be making plant-based substitutes for meat, dairy, and fish products has announced securing $200 million in a fresh round of financing. Coatue, technology-focused hedge fund, led the latest financing and got support from New York-based hedge fund, XN.
Prior to this round, Impossible Foods had raised $500 million in March earlier this year as part of the Series F financing led by Mirae Asset Global Investments. The current investment takes the total amount raised by the company to $1.5 billion. The other backers of the firm include big players like Horizon Ventures and Khosla Ventures along with United States' top celebrities like Brown, Common, Kirk Cousins, Paul George, Peter Jackson, Jay-Z, Mindy Kaling, Trevor Noah, Alexis Ohanian, Kal Penn, Katy Perry, Questlove, Ruby Rose, Phil Rosenthal, Jaden Smith, Serena Williams, will.i.am and Zedd.
The company was founded by Monte Casino, and Patrick Brown in 2011 as a platform that will develop plant-based substitutes for meat, dairy, and fish product. The latest funds will help the firm ramp up its research and development efforts. It also plans to use the funds for marketing the product globally.
Dr. Patrick O. Brown, the CEO and co-founder of the firm talking about the firm through a statement said, “The use of animals to make food is the most destructive technology on Earth, a leading driver of climate change and the primary cause of a catastrophic global collapse of wildlife populations and biodiversity. Impossible Foods’ mission is to replace that archaic system by making the most delicious, nutritious and sustainable meats in the world, directly from plants.”
Adding further on what the firm needs to do, Brown notes, “To do that, Impossible Foods needs to sustain our exponential growth in production and sales, and invest significantly in R&D. Our investors believe in our mission to transform the global food system — and they recognize an extraordinary economic opportunity.”
The firm has taken massive strides in the segment and have challenged well-funded firm like Beyond Meat Inc and would be eager to go beyond them.
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