Impossible Foods announces $114M convertible note, prepares for rapid expansion
The company plans to add a second shift to its Oakland, Calif., plant this spring.
Impossible Foods, Redwood City, Calif., announced the closing of about $114 million in convertible note financing.
The company’s newest investors include Temasek Holdings Private Ltd., Singapore, and Sailing Capital, Hong Kong.
Temasek; Bill Gates, principal founder of Microsoft Corp., Seattle, Wash.; Open Philanthropy Project, San Francisco; and Horizons Ventures, Hong Kong, have invested in multiple rounds of funding.
“Our world-class investors enable us to ramp up rapidly and accomplish our urgent mission,” says Dr. Patrick O. Brown, founder and CEO. “We are proud of the progress we’ve made, but frankly, there are still millions of restaurants and billions of people who want meat. We won’t stop until the global food system is truly sustainable.”
Impossible Foods began ramping up its first large-scale production facility in September 2017. Now, the company plans to add a second shift this spring.
“We are growing so rapidly that we don’t want to narrowly define our valuation today,” says David Lee, chief financial officer and chief operations officer.
Impossible Foods will announce availability in additional mainstream American restaurants later this month. After that, the company will launch in Asia.