Plant-based meat company Impossible Foods Inc. announced Thursday $200 million in fresh funding that it plans to use to fuel expansion.
The Series G funding round was led by New York-based technology sector hedge fund Coatue Management, the company said in a statement.
The plant protein-centric firm plans to use the funds to expand research and development, double-down on its manufacturing scaleup and expand its retail presence and availability in important global markets.
The Beyond Meat Inc (NASDAQ: BYND) rival is targeting the commercialization and development of products such as plant-based pork, milk, and steak.
Impossible Foods has raised a total of $1.5 billion to date. In its previous investment round, the company raised $500 million.
“2020 has been a year of explosive growth for us, but this is just the beginning,” Impossible Foods Chief Financial Officer David Lee said.
He disclosed that the investment would be used to “continue to develop and commercialize the technology that will enable that transformation.”
Why It Matters
Restaurant Brands International Inc (NYSE: QSR) sells the Impossible Whopper at its Burger King restaurants, while Beyond Meat’s products can be found at Dunkin Brands Group Inc’s (NASDAQ: DNKN) Dunkin Donuts outlets.
Photo courtesy: Impossible Foods
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