REDWOOD CITY, CALIF. — Impossible Foods has secured approximately $500 million in additional funding to scale up the business and further support new product development. The business has raised nearly $1.3 billion since its founding in 2011.
Since its founding, the company has more than quadrupled production at its manufacturing plant in Oakland, Calif., and expanded production through multiple co-packers around the country.
“With this latest round of fundraising, Impossible Foods has the resources to accelerate growth – and continue to thrive in a volatile macroeconomic environment, including the current COVID-19 pandemic,” said David Lee, chief financial officer.
Steps the company has taken to manage operations through the coronavirus outbreak include mandatory work-from-home policies through April for all workers who can telecommute, restrictions on the people who can visit the company’s facilities, a ban on all work-related travel and daily sanitizing of all workplaces.
The most recent funding round was led by Mirae Asset Global Investments with participation from Khosla Ventures, Horizon Ventures and Temasek.
“The market has its ups and downs, but the global demand for food is always there, and the urgency of our mission only grows,” said Patrick O. Brown, Ph.D., MD, founder and chief executive officer. “Our investors not only believe in our mission, but they also recognize an extraordinary opportunity to invest in the platform that will transform the global food system."