Impossible Foods CEO is a longtime vegan and biochemist

Serena Williams Katy Perry and Jay-Z are investing in Impossible Foods

Serena Williams Katy Perry and Jay-Z are investing in Impossible Foods

After being crowned by Burger King as the first meat replacement patty to roll out nationally with one of the largest fast food chains, Impossible Foods has raised $300 million in capital.

In the statement, Impossible Foods chief financial officer David Lee said the team has "cracked the molecular code for meat and built an industry-leading intellectual property portfolio and brand".

In particular, Impossible Foods offers the plant-based Impossible Burger, which debuted in 2016, and recently launched the Impossible Burger 2.0, a significant product upgrade.

"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. The fifth round of funding for the company, which brings its total funding to $750 million, was also backed by celebrity investors including Jay-Z, Trevor Noah, Katy Perry, Questlove, Jaden Smith and Serena Williams.

Star athletes including Serena Williams, NFL quarterback Kirk Cousins and National Basketball Association star Paul George have also opened their wallets. The company's stock enjoyed the best IPO performance of any US-listed company since 2008, Bloomberg said. The maker of the Beyond Burger went public last week at a market capitalization of $1.5 billion, but is now valued at over $4 billion. Lee said he's "going to be hard at work raising capital". A genetically modified yeast creates the key ingredient, called heme, which makes the patties appear to be bloody and juicy and taste like real meat unlike conventional veggie burgers. It plans to launch the Impossible Burger in retail outlets later this year. 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.

More news: Newcastle United could reignite interest in Aston Villa loan hero
More news: Sri Lanka imposes islandwide curfew following anti Muslim clashes
More news: 'I'll Be Damned': Ocasio-Cortez Blasts Biden's 'Middle Of The Road' Plans

Impossible Burger is sold at more than 7,000 restaurants worldwide including White Castle, Qdoba and Red Robin and at Disney theme parks.

Since its founding, Impossible Foods intentionally designed a robust supply chain that is scalable, with products sourced from abundant plant crops.

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.

"We don't lead with the source of guilt that meat eaters have globally".

The craze over plant-based meat has caused Impossible Foods to struggle to meet the demands. "First things first, we have to deliver for our existing customers", Impossible Foods CEO Pat Brown tells Roy when he's asked what will happen if McDonald's "comes knocking".

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.