REDWOOD CITY, Calif. — Impossible Foods confirmed Monday it has secured approximately $500 million in its latest funding round, led by new investor Mirae Asset Global Investments, with participation from existing investors including Khosla Ventures, Horizons Ventures, and Temasek.
Based in California's Silicon Valley, Impossible Foods makes meat and dairy products from plants. The industry-leading food-tech startup has raised nearly $1.3 billion since its founding in 2011.
"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, M.D., Ph.D., 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."
In addition to global institutional investors, Impossible Foods' new and existing individual investors include an array of celebrities, including Common, Kirk Cousins, Peter Jackson and Serena Williams.
"With this latest round of fundraising, Impossible Foods has the resources to accelerate growth — and continue to thrive in a volatile macroeconomic environment, including the current COVID-19 pandemic," said Impossible Foods' Chief Financial Officer David Lee.
The new funding closely follows the launch of the company's latest next-generation products, Impossible Sausage and Impossible Pork, which debuted at the International Consumer Electronics Show in January. Demand for the company's flagship product, the award-winning Impossible Burger, continues to be strong, with new and existing strategic partners eager to bring plant-based meat to their customer bases.
Burger King continues to sell its Impossible Whopper at its more than 7,000 U.S. locations, saying the menu item has exceeded expectations and continues to attract new guests. DoorDash, the nation's largest on-demand door-to-door delivery service, launched a dedicated Impossible Cuisine category to highlight merchants that offer Impossible menu items.
Impossible Burger experienced an unprecedented sales surge in 2019. As a result, the company more than quadrupled production at Impossible Foods' manufacturing facility in Oakland, Calif. and at multiple plants owned by co-manufacturing partners.
Earlier in March, Impossible Foods lowered its prices to U.S. foodservice distributors by 15% on average. Driving down prices is key to the company's mission of eliminating the need for animal agriculture by 2035.