Meat alternative manufacturer Impossible Foods has secured additional funding of USD200m that will be used to continue expanding R&D, product development, and international operations, according to the company. Impossible Foods has now raised approximately USD1.5bn in the capital. Coatue Management, LLC, New York, led the series G equity round. Existing investors include Mirae Asset Global Investments and Temasek.
The investment comes after the introduction of the Impossible Sausage in January. Burger King became the first restaurant to introduce the Impossible Sausage in June when it launched the Impossible Croissan’wich in all 7,500 locations in the United States. A week later, Starbucks launched the Impossible Breakfast Sandwich in all 15,000 Starbucks nationwide.
“2020 has been a year of explosive growth for us, but this is just the beginning,” David Lee, chief financial officer for Impossible Foods said. “We plan to create plant-based upgrades for every major category of animal-derived food products. This investment will allow us to continue to develop and commercialize the technology that will enable that transformation.”