Amidst the ongoing COVID-19 pandemic and economic recession, Impossible Foods has defied odds by raising approximately $500 million as part of its Series F equity funding round.
With the new funding, the plant-based meat startup has raised a total of roughly $1.3 billion since its founding back in 2011. According to Reuters, Impossible Foods is now valued at roughly $4 billion.
The funding round was lead by Mirae Asset Global Investments. Other investors include Khosla Ventures, Horizons Ventures, and Temasek.
In a press statement, Impossible Foods says that the new funding will be used to accelerate manufacturing, invest in research and innovation, expand retail availability and increase commercialization of Impossible Sausage Made From Plants and Impossible Pork Made From Plants.
“Our mission is to replace the world’s most destructive technology — the use of animals in food production — by 2035,” said Dr. Patrick O. Brown, founder and CEO of Impossible Foods. “To do that, we need to double production every year, on average, for 15 years and double down on research and innovation. The market has its ups and downs, but the global demand for food is always there, and the urgency of our mission only grows. Our investors not only believe in our mission, but they also recognize an extraordinary opportunity to invest in the platform that will transform the global food system.”
