Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
A-Brands

Impossible Foods Raises $500m In Latest Funding Round

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.

News by Reuters, edited by ESM. For more A-Brands news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days