Plant-based meat brand Impossible Foods bags $500MN from Mirae Asset, others

Plant-based meat manufacturer Impossible Foods has secured approximately $500 million in its latest funding round led by existing investor Mirae Asset Global Investments with participation from other existing Impossible Foods investors.

The California-based company is now the fastest-growing plant-based meat company in retail, outpacing the next 10 leading plant-based meat companies combined, according to custom IRI research analyzing U.S. dollar sales for the most recent 13-week period compared to one year ago.

This funding round will enable its continued growth in retail and across its supply chain, product portfolio, technology platforms, and international expansion plans — all of which are critical to its mission of addressing the urgent threat of climate change caused by animal agriculture.

“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 of Mirae Asset Global Investments by adding that it is important 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.

The company has now raised close to $2 billion since its founding in 2011, helping fuel its blockbuster growth from a stealth R&D startup to pioneers of a new food category — meat made from plants that competes head-to-head with meat made from animals, with a dramatic reduction in greenhouse gas emissions.

Impossible Foods’ previous investment rounds included a $500 million round in March 2020(opens in a new tab) which was also led by Mirae Asset Global Investments, followed by an additional $200 million round in August of 2020(opens in a new tab) led by Coatue.

The new funding round comes amid a record burst of new product launches from Impossible Foods over a four-month period — including Impossible™ Sausage Made From Plants, Impossible™ Chicken Nuggets Made From Plants and Impossible™ Pork Made From Plants.

It has also added four new international markets over the past 14 months, including Canada, the United Arab Emirates and, most recently, Australia and New Zealand.

“We’re fortunate to have great investors who believe in our long-term mission,” said Impossible Foods’ Chief Financial Officer David Borecky by pointing that the latest round of funding will allow them to further accelerate their product innovation and global expansion efforts.

Impossible products can now be found in about 22,000 grocery stores, up from only 150 stores in March of 2020, as well as in close to 40,000 restaurants globally.