The plant-based food producer increased its overall funding to almost $2bn in a round that brought the Stanford-linked company’s valuation to a reported $7bn.
Impossible Foods, the US-based vegetarian meat product manufacturer founded by a then-faculty member of Stanford University, closed its latest funding round at $500m on Tuesday.
The round was led by Mirae Asset Global Investments, the asset management arm of financial services group Mirae Asset Financial, and also featured unnamed existing investors, bringing the company’s total funding to nearly $2bn.
Sources told Bloomberg last month that the round was being raised at a valuation of $7bn.
Impossible Foods produces plant-based alternatives to meat products such as burgers, nuggets, sausages, pork and meatballs. Proceeds from the round will be used to grow its supply chain as well as being put toward international expansion plans and technology development.
The company was founded in 2011 by Patrick Brown, then a professor of biochemistry at Stanford University.
The company raised $200m in an…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
