techkenyot.com
techkenyot.com May 26, 2019


Impossible Foods cash injection and Metro Bank rumours

15 May 2019, 04:12 | Hattie Nash

A-list celebs help pump $300M in funding into Impossible Foods

Impossible Burger creator raises US$300m in Series E round led by Temasek, Horizon Ventures

"It's the craveability that makes meat eaters find their own reason to come back for Impossible Burger". Impossible Foods is now said to be worth $2 billion, according to Reuters.

Similar to Beyond Meat and Impossible Foods, other large chains have also taken an interest within the plant-based meat industry.

GFI is a not-for-profit organisation that works to promote plant-based and cell-based meat, eggs, dairy and seafood to promote a healthy planet, animal welfare, and human public health. Impossible expects the price to come down as it ramps up its alt-meat production.

The Impossible Burger is now sold in more than 7,000 restaurants in the US and Europe and has been a top-selling item and a driver of new foot traffic, according to the company. 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.

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His long-term vision was to create plant-based products that could be more environmentally friendly and eventually eliminate the need for farming animals. In it, Brown talks about overcoming the doubts of early skeptics (such as his wife), as well as acknowledging that it's a losing battle to convince most people that eating meat is bad.

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.

In addition to his startup, Brown is also the co-founder of Lyrical Foods - the make of Kite Hill nut-milk-based cheeses and yogurts.

The financing brings the company's total equity raise to $750 million - and provides a sizable pool of funds to draw from as it continues to compete with its newly publicly traded rival, Beyond Meat. "The company lists Jay Brown, Kirk Cousins, Paul George, JAY-Z, Trevor Noah, Alexis Ohanian, Kal Penn, Katy Perry, Questlove, Ruby Rose, Phil Rosenthal, Jaden Smith, Serena Williams, willi.i.am and Zedd as individual investors", Ellen Fort writes for Eater San Francisco.

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

Previous notable investors include Bill Gates and Google Ventures, the venture capital arm of Google's parent company Alphabet.

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.

Beyond Meat's products are already sold at Whole Foods and Safeway stores.

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