Impossible Foods announces $300M funding round to accelerate scale-up
The fifth equity funding round since Impossible Foods launched in 2011 is intended to accelerate the company’s rapid scale-up.
Under McGuinness’s leadership, the company outperformed the broader plant-based category through innovation, demand creation and critical distribution gains – besting the competition and commanding the No. 2 position in terms of U.S. market share.
Impossible Foods, Redwood City, Calif., announced a $300 million funding round led by existing investors Temasek Holdings Private Ltd., Singapore, and Horizons Ventures Ltd., Hong Kong.
The fifth equity funding round since Impossible Foods launched in 2011 is intended to accelerate the company’s rapid scale-up, including accelerated hiring and capacity expansion at the company’s Oakland, Calif., plant. In total, the foodtech startup has raised more than $750 million.
The Series E round includes individual investors including, Jay Brown, Kirk Cousins, Paul George, JAYZ, Trevor Noah, Alexis Ohanian, Kal Penn, Katy Perry, Questlove, Ruby Rose, Phil Rosenthal, Jaden Smith, Serena Williams, will.i.am and Zedd.
“We have cracked the molecular code for meat and built an industry-leading intellectual property portfolio and brand,” says David Lee, chief financial officer. “Our global financial partners are supporting a technology powerhouse that will transform the global food system.”
The company’s goal is to eliminate the need for animals in the food chain by 2035. To achieve continued breakout growth, Impossible Foods is actively planning to add to and diversify its manufacturing capacity. The company will provide additional details on expansion plans later this year.
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