Impossible Foods expands to Asia with $114 million in new financing

0
118

In California, Impossible Foods closed about $114 million in convertible note financing. The food technology startup has raised approximately $214 million in the past 18 months for a total venture funding of about $396 million since the company’s founding. The company’s newest investors include Temasek, headquartered in Singapore, and Sailing Capital, a Shanghai- and Hong Kong-based global private equity firm.

In only a handful of premium restaurants one year ago, the award-winning Impossible Burger is now in more than 1,000 restaurants from Hawaii to Maine, with more mainstream outlets coming every week. With demand still outstripping supply, the company plans to add a second shift at its factory in Oakland, Calif., this spring.

Impossible Foods will announce new mainstream American restaurants very soon and then launch in Asia. Asia drives 44 percent of the world’s demand for meat and the rate of consumption is growing faster than any other region.