Plant-based burger maker Impossible Foods is beefing up its coffers — again.
The Silicon Valley based company just raised $200 million — and that’s on top of the $500 million it raised in March — as demand for its veggie burgers increases and it rushes to expand its manufacturing capabilities.
Its latest funding round was led by hedge fund Coatue along with existing investors Mirae Asset Global Investments and Temasek, valuing the privately held company at more than $4 billion, according to reports.
Impossible Foods has raised $1.5 billion, counting among its investors Jay-Z and Katy Perry among its investors, since it was founded in 2011.
Impossible Foods is now in some 2,000 Walmart stores among thousands of other supermarkets, including Kroger and restaurant chains like Starbucks and Burger King, which has been selling an Impossible Whopper.
“The overall theme here is about unprecedented demand for our products,” chief financial officer David Lee told MarketWatch. “There are great signs that our product is being accepted by meat eaters, who are voting with their stomachs.”
Demand soared during the pandemic when beef was in short supply this spring due to work stoppages at some of the largest slaughter houses.
It’s publicly held rival, Beyond Meat, has been on a tear as well.
The plant-based company reported revenue growth 69 percent to $113.3 million in its second quarter ended June 27.
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