Impossible Foods CEO is a longtime vegan and biochemist

Cornelia Mascio
Mag 15, 2019

In total, the food-tech startup has raised more than US$750 million (RM3.13 billion). The Impossible Foods 2.0 recipe reportedly minimises the two biggest problems with such products - flavour and texture.

"We have cracked the molecular code for meat and built an industry-leading intellectual property portfolio and brand", said Impossible Foods' David Lee.

Impossible Foods said on Monday that it has raised another Dollars 300 Million in its latest funding round, according to CNBC.

"We are not in a rush to be public", Lee said, adding that Impossible Burger is trying to stanch the shortages it's experiencing across the board. In addition to Perry, new celebrity investors include: Jay-Z, will.i.am, Jaden Smith, Serena Williams, Alexis Ohanian, Bill Gates, Trevor Noah, Ruby Rose, Questlove, Kal Penn, DJ Zedd, NFL player Kirk Cousins, NBA player Paul George, Roc Nation co-founder Jay Brown, and Everybody Loves Raymond creator Phil Rosenthal, according to TechCrunch.

Star athletes including Serena Williams, NFL quarterback Kirk Cousins and National Basketball Association star Paul George have also opened their wallets.

"I can tell you in all honesty at this point we're not thinking of an IPO at all", Impossible Foods Chief Executive Officer Pat Brown said. Beyond shares listed at US$25 and closed trading on Monday 13 May at US$69.50, meaning the market values that company at nearly US$4 billion. Lee said he's "going to be hard at work raising capital". The patty for that burger is reportedly being made by Nestle.

Since January, Impossible Foods has recorded intense growth in every sales category in which it does business - independent restaurants, large restaurant chains such as White Castle and Qdoba, and non-commercial outlets such as theme parks, museums, stadiums, and college campuses. Beyond the eight restaurants it is partnering with, Impossible Foods made its product available to eateries in Singapore via importer and distributor Classic Fine Foods.

As consumer appetites grow, competition is heating up in the global meat-substitute market, which is projected to reach $5.81 billion by 2022, according to a 2018 study by Grand View Research.

Tyson Foods, the largest meat processor in the United States, will roll out meatless protein products in the coming months while McDonald's began selling vegan burgers in Germany. "We have plenty of money to do the things that we want to do right now.

The burgers "bleed, ' with Impossible using 'heme" - a protein created by its scientists through genetic engineering and yeast fermentation - and Beyond Meat using beetroot juice", writes Emiko Terazono for Financial Times.

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