SINGAPORE (May 14): Impossible Foods announced that it has raised US$300 million ($410.5 million) in its latest Series E funding round, led by existing investors Temasek and Horizon Ventures.
See: Temasek-backed Impossible Foods to contest Bill Gates' Beyond Meat in Singapore
Impossible Foods was launched in 2011 and is a Silicon Valley-based company that makes meat and dairy products from plants – with a much smaller environmental footprint than meat from animals. It uses modern science and technology to create wholesome food, restore natural ecosystems, and feed a growing population sustainably. Since its launch, it has raised a total of more than US$750 million.
In this funding round, Impossible Foods intends to use the proceeds to accelerate the company’s rapid scaleup, which will include accelerated hiring and capacity expansion at the company’s plant in Oakland, California.
The company is looking to hire at least 50 new employees at its plant in Oakland, which currently has about 70 full-time employees. The company is also adding a third shift and a second full line of production to help increase its capacity this year.
In addition to blue-chip institutional investors, the Series E round saw several US celebrities and personalities investing in it, such as JAY-Z, Katy Perry, Serena Williams, Jaden Smith, Ruby Rosa, Trevor Noah, Zedd, will.i.am and many more.
The latest funding round came on the back of Impossible Foods launching its products in Singapore earlier in March this year.
Since its Singapore launch, the company’s sales have surged more than threefold in Asia. Impossible is currently sold in several restaurants across Hong Kong, Singapore and Macau.
Impossible Foods plans to launch the Impossible Burger in retail outlets this year.
