Impossible Foods raises $200m through Series G funding

Plant-based meat substitute manufacturer Impossible Foods has raised $200m in capital through the Series G equity funding round to accelerate the company’s growth.

Led by a new investor Coatue, the funding round saw the participation of existing and new investors, including Mirae Asset Global Investments, as well as Temasek and new investor XN.

Since its inception in 2011, the food-tech startup raised around $1.5bn.

Impossible Foods will use the capital to enhance its research and development programmes, manufacturing capacity and retail presence, along with its availability in core overseas markets.

The company will also use the proceeds from funding round fast-track commercialisation and development of next-generation, plant-based products, such as Impossible Pork Made from Plants, milk, steak and other foods.

Impossible Foods founder and CEO Dr Patrick O Brown said: “The use of animals to make food is the most destructive technology on Earth, a leading driver of climate change and the primary cause of a catastrophic global collapse of wildlife populations and biodiversity.

“Impossible Foods’ mission is to replace that archaic system by making the most delicious, nutritious and sustainable meats in the world, directly from plants.

“To do that, Impossible Foods needs to sustain our exponential growth in production and sales, and invest significantly in R&D. Our investors believe in our mission to transform the global food system, and they recognise an extraordinary economic opportunity.”

In March, Impossible Foods raised nearly $500m in a Series F funding round to increase its manufacturing capacity, led by investment firm Mirae Asset Global Investments and other existing investors such as Khosla Ventures, Horizons Ventures, and Temasek.