Brief: Impossible Foods brings total funding to $2bn with new $500m raise

• Impossible Foods has secured $500 million in a new funding round led by existing investor Mirae Asset Global Investments. Other existing investors, unnamed at this time, also participated.
• It brings the US company’s total funding “close to $2 billion,” according to a press release, and values the company at $7 billion, according to reports.
• Impossible Foods says it is the fastest-growing plant-based meat company in retail, citing data from IRI that analyzes sales for the most recent 13-week period compared to one year ago.
• Impossible will use the money to continue its retail expansion – including in new international markets – and to further build out its technology platform, product portfolio, and supply chain capabilities. 

Why it matters:

Impossible Foods was one of the highest-funded agrifoodtech startups globally last year, raising $700 million across two rounds according to data from AgFunder [disclosure: AgFunder is AFN‘s parent company.]

In the last few months, the company has released a slew of new products including plant-based sausage, chicken nuggets, meatballs, and ground pork. It has launched in four new international markets over the last 14 months and says it has products in 22,000 grocery stores and 40,000 restaurants. 

Impossible Foods is reported to be preparing to go public next year at a valuation of $10 billion or more, though an IPO or SPAC merger would be “subject to market conditions,” according to people familiar with the matter.

The latest fundraise comes as Impossible Food’s main rival, publicly-listed Beyond Meat, has seen revenues fall and retail demand weaken.