Impossible Foods said on Monday that it has raised another USD 300 Million in its latest funding round, according to CNBC.
The Company’s latest funding round comes shortly after its competitor, Beyond Meat (NASDAQ: BYND) listed on the Nasdaq Stock Exchange. Since its IPO launch, Beyond Meat has seen its shares surge by 180%.
Impossible Foods has raised more than USD 750 Million from investors such as Bill Gates, Google Ventures, and Serena Williams. Similarly, Beyond Meat is also backed by well known investors such as Leonardo DeCapiro, Kyrie Irving, Shaquille O’Neal, Snoop Dogg, and Bill Gates.
The Food and Drug Administration approved Impossible Food’s key ingredient to sell its uncooked burgers on grocery shelves this year. However, the burger already launched within restaurants back in 2016.
Similar to Beyond Meat and Impossible Foods, other large chains have also taken an interest within the plant-based meat industry. Restaurant Brands’ (NYSE: QSR) Burger King chain is planning on launching its Impossible Whopper.
Burger King’s competitor, McDonalds (NYSE: MCD) has not made any decisions to sell vegan burgers in the U.S., but the franchise does offer Nestle’s plant-based option in its German locations.
The craze over plant-based meat has caused Impossible Foods to struggle to meet the demands. As a result, the Company said that it is increasing the number of hours and employees at its Oakland, California, plant.
After Beyond Meat’s IPO, Impossible Foods said that it does not have any plans to rush an IPO any time soon.
“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. “We have plenty of money to do the things that we want to do right now. And we want to really focus on just scaling our production, pushing ahead on further on R&D and so forth.”