Impossible Foods announced a $300 million Series E funding round on Monday.
The funding will primarily be used to increase Impossible Foods’ ability to keep up with demand, as the company has recently struggled with shortages.
Despite rival Beyond Meat’s explosive IPO, Impossible Foods CFO David Lee tells Business Insider that the company is not planning to go public at this point, allowing it to avoid being “distracted by how exciting the IPO market may or may not be.”
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Impossible Foods has raised another $300 million in funding as the market for vegan meat substitutes heats up.
On Monday, Impossible Foods announced a $300 million Series E funding round led by Temasek and Horizon Ventures. They were joined by more than a dozen individual investors with star status, including Jay-Z, Serena Williams, Alexis Ohanian, Katy Perry, and Jaden Smith.
“The principle use of this $300 million is to increase our ability to serve this unprecedented demand we’re seeing,” David Lee, Impossible Foods’ chief financial officer, told Business Insider.
Impossible Foods menu items, such as its signature Impossible Burger, are sold at roughly 7,000 locations across the US. According to Lee, demand …read more
Source:: Businessinsider – Technology