Rival of Beyond Meat, Impossible Foods said on Monday that they have raised $300 million in their latest round of funding. The stock of Beyond Meat has gone up 17.3% since making their debut on 2nd May. Impossible Foods has raised in excess of $750 million with assistance from investors like Google Ventures, Bill Gates and popular tennis player, Serena Williams. As per the report from Nielsen, the sales of products based on plants have grown by more than 17% last year. On the other hand, the grocery products managed to grow by merely 2%.
The FDA had only approved for the key ingredient of Impossible Foods, to sell their uncooked Impossible Burgers this year, which has been in restaurants since the year 2016. Very recently, Restaurant Brands International made an announcement of their plans to take their Impossible Whopper all over the country they got them tested in April. Impossible Whopper is, of course, the signature sandwich item that is made with the bleeding vegan patty by Burger King. The biggest competitor of Burger King, McDonald’s does not come up with an offering of a vegetable burger in the stores across the United States.
The CEO of Impossible Foods, Pat Brown clearly stated that they have to deliver for their existing customers. The company said on Monday that they are increasing the number of hours as well as employees at their plant in Oakland, California. Even after the success of Beyond Meat in the stock market, Brown said that they are in a hurry to come out with their IPO. He said that they have sufficient money to do things that they want to do at this moment. Right now, their focus is only to scale their production, move ahead on further Research & Development and take it from there.
Jamie is a young and dynamic personality. He handles the responsibility of covering Business news for the website. He keeps a close eye on the happenings of world economy. Jamie is a graduate of MIT and holds a Business degree. His love for finance blossomed because of education at MIT. Besides being a journo, Jamie is an investor and an analyst.
: firstname.lastname@example.org | : (+1)513-298-7685