Impossible Foods Backed by WILL.I.AM and JAY-Z Raises $300M
The vegan meat maker, Impossible Foods, in their latest round of funding garnered some $300 million ahead of their possible first public stock offering. The company has an extended star-trail behind its financial support. Know more here.
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Impossible Foods Garners $300M in Latest Funding Round
The Silicon Valley startup is backed by sports stars and celebrities like Serena Williams and Katy Perry. Now other stars are eager to join the bandwagon in the ever-growing vegan meat market. The company announced on Monday that an extra $300 million was raised during their latest funding round, according to Reuters. Due to the spectacular performance, rumor has it the company may be offering their initial public stock.
Celebrities Jay-Z and Will.i.am have now joined the investor’s list among other high-profile investors like Katy Perry, Jaden Smith, Serena Williams, Kirk Cousins, and Paul George. The plant-based meat maker has now reportedly reached $750 million valuations. Despite such bombastic collection, Impossible Foods is in no hurry to go public with their stakes. David Lee, the company’s Chief Financial Officer (CFO), speaking to Reuters stated-
“But we are not in a rush, nor are we announcing an IPO filing.
David Lee via reuters.com
“We believe in self-reliance. Being ready to go public is a priority for the company because we need to be operating at the highest level of rigor.”
The CFO referred to their rival Beyond Meat’s exorbitant performance which doubled value to $3.8 billion on the first day at the stock market. He told Reuters Beyond Meat’s performance wasn’t any turning point to Impossible Foods’ plans at going public, nonetheless, the success was a ‘validation’ to them. According to sources close to the company’s financial matters, Impossible Foods is now thought to be valued at $2 billion.
The Future is Vegan
These record-breaking performances financially by the plant-based company indicate the growing appeal of such foods that are kinder to the planet and cruelty-free.
Katy Perry, recently at the iconic Met Gala, appeared dressed like a vegan burger, tagging Impossible Foods on her Instagram post. Impossible patties have 17 grams of protein sans cholesterol, and have an identical meat-like taste and texture. You can now try Burger King’s Impossible Whopper that has even baffled meat lovers.
What are your thoughts on the growth of the vegan market? Let me know in comments below.