Faux beef products maker Impossible Foods said it had raised nearly $500 million in a funding round led by existing investor Mirae Asset Global Investments.
The latest funding for the Beyond Meat rival comes ahead of an expected stock market listing next year in the United States.
Reuters reported in April that Impossible Foods was preparing for a public listing that could value it at around $10 billion or more.
Initial Public Offering
The company is exploring going public in the next 12 months through an initial public offering or a merger with a so-called special acquisition company (SPAC), the report had said.
A SPAC is a shell company that raises funds in an IPO with the aim of acquiring a private company. For the company being acquired, the merger is an alternative way to go public over an IPO.
The latest round, which included other existing investors, brings the total funds raised to $2 billion since the company was founded in 2011.
California-based Impossible Foods is backed by high-profile names including Microsoft Corp co-founder Bill Gates, Google Ventures and UBS Group AG.
In August, the company announced the appointment of its interim finance chief, David Borecky, as its chief financial officer.
Elsewhere, Beyond Meat cut its third-quarter revenue forecast, blaming a host of factors including a drop in demand from grocery stores and a labour shortage that led to delays in restocking shelves.
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