November 30, 2021

By Lynda Kiernan-Stone, Global AgInvesting Media

Mirae Asset Management has led a $500 million funding round for Impossible Foods, bringing total funding raised by the company since its launch in 2011 to nearly $2 billion. 

This round follows an incredible 2020 for the company, during which it raised $500 million in March (also led by Mirae Asset Global Investments), and another $200 million in August led by new investor Coatue.

“Mirae Asset is excited to double down on the team at Impossible Foods as they continue transforming the global food system,” said Thomas Park, president, Mirae Asset Global Investments (US). “It is important to us to partner with true innovators like Impossible Foods’ CEO Pat Brown and support the entire Impossible Foods team as they work to solve one of the most critical challenges facing our planet — climate change.”

Founded by Dr. Patrick O. Brown, a biochemistry professor with Stanford and former pediatrician, Impossible Foods pioneered the use of modern technology to make meat from plants, and in the process, is able to do its part to restore natural ecosystems.

The company’s flagship product, the 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.

Pat Brown, M.D., Ph.D., founder and CEO of Impossible Foods, noted last year, “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.”

He continued, “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 recognize an extraordinary economic opportunity.”

This latest funding round comes after a flurry of new product launches over a four-month period from the company, including Impossible™ Sausage Made From Plants, Impossible™ Chicken Nuggets Made From Plants, and Impossible™ Pork Made From Plants. This lineup was rounded out in recent days with the release of  Impossible™ Meatballs Made From Plants at Walmart locations, with additional retailers expected to be added this year. 

Over the past 14 months the company has also expanded geographically into four new markets: Canada, the United Arab Emirates, and Australia and New Zealand – two of the top meat-eating countries in the world per capita along with the U.S. and Argentina. 

“Our launches in Australia and New Zealand are another huge step towards bringing delicious, sustainable options to every market in the world,” Dennis Woodside, president of Impossible Foods, recently told Kr-Asia. “Both countries are home to some of the most devoted meat-eaters on earth, and we know consumers there are going to love Impossible Beef.”

Incredibly, Impossible Foods’ products are now found in about 22,000 grocery stores – up from only 150 stores in March 2020, and 40,000 restaurants around the world. Supporting this meteoric growth were a number of strategic collaborations forged by Impossible Foods with notable food brands and foodservice providers, including a trial with Jack in the Box, one of the U.S.’s top quick service chains; a new product line by leading refrigerated pasta company Buitoni; and the launch of new, branded marketplaces at Climate Pledge Arena, where the Impossible Burger was named the official burger of the NHL’s Seattle Kraken.

Today, Impossible Foods is the fastest growing plant-based meat company in retail, at a time when rivals are struggling, outpacing the next 10 leading plant-based meat companies combined, according to IRI research analyzing U.S. dollar sales for the most recent 13-week period compared to one year ago. 

The funds raised through this round will enable the company to continue on its retail growth trajectory and across its supply chain, product portfolio, technology platforms, and international expansion plans.

“We’re fortunate to have great investors who believe in our long-term mission,” said David Borecky, chief financial officer,  Impossible Foods. “The latest round of funding allows us to further accelerate our product innovation and global expansion efforts as we continue to leverage the power of the food system to satisfy consumers and fight climate change.”

– Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan-stone@globalaginvesting.com.