Impossible Foods has landed another $200 million in a Series G round, just months after its $500 million Series F, the company announced this week.
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The new funding brings the startup’s total raised to around $1.5 billion. Silicon Valley-based Impossible Foods creates plant-based meat and dairy products. Its most notable competitor is probably Beyond Meat, which also uses plants to make its products, like burger patties, beef and sausage.
New investor Coatue led the Series G round, and existing investors including Mirae Asset Global Investments and Temasek also participated. XN also came on as a new investor in the company.
With the new funding, Impossible Foods plans to invest in research and development, scaling up manufacturing, increasing its retail footprint and its availability in other countries, and working on developing new products, according to a statement from the company.
The company offers products like plant-based burger patties and sausage, and has a presence in national food chains like Burger King and Starbucks.
Impossible Foods has also greatly increased its retail presence. According to the company, the Impossible Burger was only available in 150 grocery stores across the U.S. at the beginning of the COVID-19 pandemic in March (around the time the company raised its $500 million Series F). The Impossible Burger is now available in more than 8,000 grocery stores across the country.
Impossible Foods also boasts a number of celebrity backers including Jay-Z, Mindy Kaling, Trevor Noah and Katy Perry.
Illustration: Li-Anne Dias
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