Impossible Foods Valuation Rises after $500M Funding Round
December 07. 2021
A few years back, it was just a stealth research and development startup trying to find its footing in an emerging food category of meat made from plants. Fast forward, Impossible Foods is a force to reckon with, valued at about $7 billion after securing $500 million in the latest funding round.
While the funding round was headlined by Mirae Asset Global, investments participation by other existing investors underscores a strong belief in the company’s growth metrics and long-term prospects. Impossible Foods has now raised close to $2 billion since 2011, a catalyst to its exponential growth over the years.
In addition, plant-based meat products companies continue to attract huge financing from investors. In the first half of the year alone, companies working on plant-based meat substitutes and other novel ingredients raised close to $1.4 billion, a 25% increase from the first half of 2020.
According to Mirae Assets president Thomas Park, Impossible Foods is a true innovator transforming the global food system. The company is increasingly looking to combat climate change, a challenge that threatens the human race and other organisms. It hopes to address the climate change dilemma by reducing the emissions and environmental impact caused by land and water use of meat farming worldwide.
Consequently, the company has innovated new products led by Impossible Sausage, Impossible Chicken Nuggets, Impossible Pork, and Impossible Meatballs. All the products innovated are plant-based, thus bode well with the drive to conserve the environment. Their innovation could not have come at a better time as demand for plant-based meat products is rising.
The future can only be bright for Impossible Foods, going by the broad market for its products in Hong Kong. The company is expanding its operations in mainland China as it looks to tap the world’s largest pork consumer market.
While the company is already selling its products in restaurants and grocery stores in Hong Kong, it is waiting for regulatory approval to test the Chinese market. Approval should pave the way for the company to build a full ecosystem of products that are made domestically while also helping protect the environment.