Last Monday, Impossible Foods just closed its’ Series E funding round. The company raised up to $300 M from the round. Asian ventures such as Singapore’s Temasek Holdings and Hongkong Horizons Ventures co-led the funding.
With the latest funding, the company raised its total equity to $750 M. And it is now values around $2 billion. Not only Asian investors, the round also attracted celebrities such as Jay-Z, Trevor Noah, Katy Perry and Serena Williams.
The company said that it will use the money for hiring procedure and expanding production. Previously, it received a lot of complain as there are some product shortage problem.
Impossible Foods’ supposedly impossible mission to make vegan beef
Patrick O. Brown, a Stanford biochemistry professor founded the company back in 2011. He believes that animal farming is the world’s biggest environmental problem. Through Impossible Food, he develops harmless meat and dairy products.
The meat and dairy products contains only plantations as its’ ingredients. Yet, it does not lack the taste of original meat. However after its’ initial years, the company started to focus on creating fake beef only.
It’s first revolutionary product is the Impossible Burger. Launched in 2016, the fake beef patty attracts many interests. It has the same taste as normal beef patty, yet it has more protein, less fat, no cholesterol and less calories. Moreover, the company claimed it uses 95% less land and 74% less water while emitting 87% less green house gas.
Soon, the Impossible Burger became a must have menu in most restaurant around America. Recently it also receives positive respond from customers in Asia.
By January this year, the company announced an upgraded version of Impossible burger. The Impossible Burger 2.0 is said to taste juicier and more nutritious than its’ former version.
Seeing the enormous interest from costumer, Burger King secures partnership with Impossible Foods. It revealed its plan to launch the Impossible Whopper, a Whopper burger using Impossible’s patty.