 |
 |
|
|
|
National & World Ag News Headlines |
 |
Sales of Impossible Foods Reaches $1.5 Billion
USAgNet - 08/24/2020
Impossible Foods announced it has closed on another $200 million in funding through a Series G led by new investor Coatue. Existing investors Mirae Asset Global Investments and Temasek also contributed to the rounds, as did additional new investor XN.
Global AgInvesting reports that this round, which brings total funding for the company to nearly $1.5 billion since its launch in 2011, comes less than six months after Impossible raised a massive, oversubscribed $500 million Series F in March that was led by
South Korea's Mirae Asset Global Investments.
Founded by Dr. Patrick O. Brown, a biochemistry professor with Stanford and former pediatrician, Impossible Foods uses modern technology to make meat from plants, and in the process of sustainably feeding a growing population, is able to do its part to
restore natural ecosystems. Impossible Burger contains no animal hormones or antibiotics, and is kosher, halal, and gluten-free certified. Its manufacturing process also uses 96 percent less land, 87 percent less water, and produces 89 percent less greenhouse
gas emissions compared to animal beef production.
In a statement, Impossible Foods said that it intends to use the capital from this round, in part, to expand its R&D programs; to accelerate the scaling of its manufacturing capabilities; to increase its retail presence; to increase its availability in key international
markets; and to accelerate the commercialization and development of its next-generation plant-based products, such as the recently released Impossible Pork Made From Plants.
|
 |
|
 |
|
Copyright © 2024 - Farms.com. All Rights Reserved. |
 |
|
