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Plant-based meat company Impossible Foods has secured $200 million in its latest funding round.
The Series G investment, led by Coatue, brings the company’s total investment to an estimated $1.5 billion.
‘Develop new products’
According to Crunchbase, the company says the investment will help increase its retail footprint and availability oversees, scale-up manufacturing.
The money will also be used to ‘develop new products and invest in research and development’.
Retail presence
Earlier this month, Impossible Foods debuted its flagship burger in Trader Joe’s and Walmart – America’s biggest meat seller.
At the beginning of the year, the Impossible Burger was only available in 150 grocery stores in California.
Now it is sold in more than 8,000 retail outlets across the U.S – as the company aims to expand its retail presence by 50 times in 2020 alone.
n an online statement, Impossible Foods CEO and Founder Dr. Patrick Brown said: “Impossible Foods’ goal is to make the global food system sustainable. To do that, Impossible Burger has to be available everywhere people shop for meat.
“More Americans buy meat for their families at Walmart than anywhere else. We’re confident that once Walmart customers try Impossible, they’ll become enthusiastic advocates of our products and our mission.”
