Temasek joins Impossible Foods' US$300m Series E funding round

Impossible Burger creator raises US$300m in Series E round led by Temasek, Horizon Ventures

Impossible Burger creator raises US$300m in Series E round led by Temasek, Horizon Ventures

In an interview with the South China Morning Post, Lee said Impossible Foods would focus on expansion in Asia, where about half the world's meat demand is based.

After Beyond Meat's IPO, Impossible Foods said that it does not have any plans to rush an IPO any time soon.

High-tech veggie burgers that taste and feel like meat have become all the rage in recent months as restaurants scramble to get the plant-based foods on their menus.

"That's where plant-based meat alternatives can step in". Impossible Foods launched in Hong Kong and Macau previous year.

While Impossible now only sells to restaurants, the company plans to target retailers with its plant-based protein later this year. Beyond the eight restaurants it is partnering with, Impossible Foods made its product available to eateries in Singapore via importer and distributor Classic Fine Foods.

The company's goal is to eliminate the need for animals in the food chain by 2035. Read Brown's blog to learn more about the company's mission.

The Impossible Burger is now sold in more than 7,000 restaurants on two continents.

The company has recorded growth in every sales category in which it does business - independent restaurants, large restaurant chains such as White Castle and Qdoba, and non-commercial outlets such as theme parks, museums, stadiums, and college campuses since January 2019.

"Both Impossible Foods and Beyond Meat have produced plant-based meat substitutes based on molecular science, with cells created to mimic those of animal protein using plant nutrients".

The fifth equity funding round since its launch in 2011 is believed to value Impossible Foods at $2 billion.

Celebrities have jumped on the investor bandwagon, including Jay-Z, Will.i-.am, Jaden Smith and Katy Perry, who recently wore a vegan burger outfit to New York's annual Met Gala, making reference to Impossible Foods. Also on the list are Reddit co-founder Alexis Ohanian and his wife, tennis star Serena Williams, NFL star player Kirk Cousins, music producer Jay Brown and food television show host Phil Rosenthal. Its existing investors include Khosla Ventures, Bill Gates, Google Ventures, UBS, Viking Global Investors, Sailing Capital and Open Philanthropy Project, as well as Horizon Ventures.

Meat substitutes are a super-hot area right now as people try their products in increasing numbers, attracted by the healthier credentials and lower impact on the environment - and Beyond Meat's share price reflects this popularity as its share price has nearly tripled since its flotation a couple of weeks ago.

Beyond Meat's products are already sold at Whole Foods and Safeway stores.

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