Impossible Foods gets $200 million in funding
By Thu, Aug 13, 2020
Impossible Foods Inc. on Thursday said it has landed $200 million in funding — the latest parry in its battle with Beyond Meat Inc.
The company’s previous investment round of $500 million in mid-March was one of the largest investment rounds for a food tech startup.
The maker of plant-based meat products has now raised about $1.5 billion since its founding in 2011. It said it intends to use the funds to expand research and development programs, accelerate manufacturing, increase its retail presence, and develop next-generation, plant-based products.
The company has been in serious ramp-up mode to get its products in front of consumers. Since March, its presence at grocery outlets has soared 60 times to 9,000 stores that include Kroger Co. KR, +0.46% and Walmart Inc. WMT, +0.38% Additionally, Impossible products are sold through Starbucks Corp.’s SBUX, -0.34% 15,000 stores.
Beyond BYND, +2.55% , too, has raised the profile of its Beyond Burgers, which are sold at Walmart’s warehouse chain Sam’s Club, and at BJ’s Wholesale Club Holdings Inc. BJ, -2.42% . Last summer, Beyond Meat began selling at Costco Wholesale Corp. COST, -0.31% .
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