Impossible Foods began in 2011 with an ambitious goal: To drastically reduce humanity’s destructive impact on the global environment by completely replacing the use of animals as a food production technology. The company intends to accomplish this mission within two decades by creating the world’s most delicious, nutritious, affordable and sustainable meat, fish and dairy foods directly from plants.
In the company’s latest series F funding round, USD 500 Million was raised, steam-geared by Mirae Asset Global Investments. This includes involvement by existing investors such as Temasek, Horizons Ventures and Khosla Ventures. Funds from this round will be utilized partially to invest in fundamental research and innovation, pushing manufacturing scaleup and expand its retail presence in key markets.
“Our mission is to replace the world’s most destructive technology — the use of animals in food production — by 2035,” said Dr. Patrick O. Brown, M.D., Ph.D., founder and CEO of Impossible Foods. “To do that, we need to double production every year, on average, for 15 years and double down on research and innovation. The market has its ups and downs, but the global demand for food is always there, and the urgency of our mission only grows. Our investors not only believe in our mission, but they also recognize an extraordinary opportunity to invest in the platform that will transform the global food system.”
The series F funding round closed last week. “With this latest round of fundraising, Impossible Foods has the resources to accelerate growth — and continue to thrive in a volatile macroeconomic environment, including the current COVID-19 pandemic,” said Impossible Foods’ Chief Financial Officer David Lee.