Business

Impossible Foods raises $410m in latest funding

Impossible Foods has raised US$300 million (S$410 million) in a Series E funding round led by existing investors Temasek Holdings and Hong Kong tycoon Li Ka-shing's personal venture fund Horizons Ventures, the food-tech start-up said yesterday.

The company's latest equity funding round will help to speed up, among others, hiring and capacity expansion at its plant in Oakland, California.

The creator of the Impossible Burger has now raised more than US$750 million to date.

The company was launched in 2011, and its signature Impossible Burger landed on Singapore shores in March this year.

In Asia, the burger is sold in various restaurants in Hong Kong, Singapore and Macau. The company plans to launch the Impossible Burger in retail outlets later this year.

The fund-raising underscores the growing appeal in plant-based food that tries to taste like meat with fewer environmental or health risks.

Shares of competitor Beyond Meat, which debuted on Nasdaq on May 2, have more than tripled.

Despite encouraging signs from investors, it is not in a hurry to go public, Impossible Foods chief financial officer David Lee told Reuters.

"We believe in self-reliance. Being ready to go public is a priority for the company because we need to be operating at the highest level of rigour," Mr Lee said.

Celebrities have jumped on the investor bandwagon, including Jay-Z, will.i.am, Jaden Smith and Katy Perry.

Star athletes including Serena Williams have also opened their wallets. - THE STRAITS TIMES, REUTERS

BUSINESS & FINANCE