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Bill Gates backed 'vegan meat' company files for $1.2bn stock market listing

Olivia Feld
The Bill Gates backed startup is the latest tech company to file for an initial public offering - FR70043 AP

Beyond Meat, the manufacturers of plant-based meat substitutes, has filed for an initial public offering in New York.

The Los Angeles-based company which makes vegan burgers, sausages and chicken plans to raise $184m (£142m) in the flotation on the Nasdaq.

Its product line, which is available at Whole Foods and Tesco, has a number of high profile  investors including Bill Gates and Leonardo DiCaprio. 

The news comes after Beyond Meat filed initial paperwork with US regulators to take the company public last November.    

Riding a wave of growing popularity of meat free products, the company has seen significant growth since its creation a decade ago. 

Valued at over $1.2bn, it is worth roughly double what it was at its last private financing round. It expects to price its shares between $19 and $21 in the offering.

Although the company's revenues have increased, by 450pc in two years to $88m last year, it continues to lose money and wrote in its prospectus that it, “may be unable to achieve or sustain profitability.''    

It is the latest tech unicorn, a startup valued at over $1bn, to file to go public in the US this year. Last week, Pinterest and Zoom raised over $1.5bn floating their stock on the public markets for the first time

Beyond Meat, like rival food tech startup Impossible Foods, has benefited in a boom in environmentally conscious eating

Targeting meat eaters, the company uses plant-enriched proteins to create products such as the Beyond Burger, which resemble the taste, appearance and texture of a beef patty.

The global market for meat substitute products is expected to grow from $4.6bn today to $6.4bn by 2023, according to research by MarketsandMarkets.

The company caught the eye of Tyson Foods, one of the largest livestock producers in the US, who invested in Beyond Meat in 2016.