Plant-based meat ‘has arrived’, according to Good Food Institute Executive Director Bruce Friedrich.
Friedrich made the comments following news that plant-based startup Impossible Foods raised $300 million in a single funding round – taking the company’s total money raised to a staggering $750 million – with investors including Jay-Z, Ruby Rose, and Will.I.Am injecting cash into the business.
The funding haul was the biggest ever for a plant-based meat company – with Friedrich saying the surging investment ‘offers huge opportunities for new startups and big food companies’.
“Last year, Impossible Foods shattered VC fundraising records for plant-based meat when it raked in $189 million,” Friedrich told Plant Based News. “Now, Impossible Foods has just brought in the largest fundraising round for a plant-based meat company in history.
“This comes just a few weeks after Beyond Meat raised roughly $240 million in its IPO before the company’s stock shot up by 163 percent in one day.
“The success of Impossible Foods and Beyond Meat is proof that plant-based meat has arrived. With these two companies now valued in the billions of dollars, it’s clear that the plant-based meat market is both hot and here to stay.”