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Vegan startup Beyond Meat is planning to go public, an unnamed source has told CNBC.
The high-tech company has contacted top investment banks including J.P Morgan, Goldman Sachs and Credit Suisse to help lead the Initial Public Offering (IPO), according to the source.
The move would make Beyond Meat the first plant-based meat company to make its shares available for trading on public markets.
No more private investment
Beyond Meat Founder and CEO Ethan Brown revealed that his company was unlikely to take on another private investment round in an interview with Plant Based News earlier this year.
When PBN Founder Klaus Mitchell asked Brown whether he would still be taking investment in three years, Brown replied: “I’d love to because it allows really great people to get behind the brand.
“The challenge is we’re sort of tapering down that phase of the business, so we’re unlikely to do another private round.”
PBN Founder Klaus Mitchell interviews Beyond Meat Founder and CEO Ethan Brown. Subscribe to PBN’s YouTube Channel here
Vegan success
Beyond Meat has experienced massive success in recent years, with its flagship product – the Beyond Burger – outselling meat burgers in some mainstream stores in California, as demand for the product grows.
“When we got into the meat case, we thought ‘let’s see if we can really represent plant-based meat, let’s see if we can not get thrown out’ – things like that,” Brown told PBN.
“Now in Southern California – in one of the largest conventional retailers in the country – in the Southern California district we are now the number one selling patty in the meat case…that’s by unit not by weight yet. To have that level of interest in the product, in the meat case itself, this soon was really exciting.”
