In California, cultured meat pioneer Impossible Foods has raised an additional $200 million amid surging demand. The Series G funding will be used on research and development as well as increasing production capacity for its plant-based, biotech meat.
“We’ve seen unprecedented demand, something like a 60x increase in our grocery business alone, which means we’re keeping pace by raising capital with long-term investors,” CFO David Lee tells Cheddar. “Nine out of 10 of our customers are self-avowed meat eaters. It means we have to go where meat-eaters buy meat, and increasingly during the shelter-in-place environment we’re seeing more and more meat consumed from purchases at grocery stores or direct-to-consumer.”
The company also recently launched an Impossible Breakfast Sandwich at Starbucks; began selling its products at Walmart locations across the US; and entered into a collaboration with Colin Kaepernick to help address food insecurity in minority communities in New York and Los Angeles. “In this time of this global pandemic, it’s important for us at Impossible Foods that we do social good beyond the mission of the company,” Lee added.