Rakuten reported on October 30
According to foreign media, artificial meat company Impossible Foods is seeking to raise $500 million, valuing it at $7 billion, to compete with rival Beyond Meat.
Founded in 2011 and headquartered in Redwood City, California, Impossible Foods sells meatless burgers and sauces primarily through supermarkets, as well as partnerships with big-name companies like Burger King and Disney.
Since its inception, Impossible Foods has received multiple rounds of funding, including:
Completed a US$75 million Series E round in 2017, led by Temasek, followed by Bill Gates, Khosla Ventures and Horizon Ventures, owned by Li Ka Shing;
Raised US$300 million in financing in 2019, led by Horizons Ventures, a venture capital fund of Temasek and Li Ka-shing;
Raised $500 million in financing in March 2020, led by Mirae Asset Global Investments;
In August 2020, it raised $200 million in Series G funding, led by technology-focused hedge fund Coatue, with investors Temasek, Mirae Asset Global Investments and New York-based hedge fund XN.
Supporters of Impossible Foods also include Khosla Ventures and Horizons Ventures, as well as tennis star Serena Williams and rapper Jay-Z.
With the improvement of consumers' environmental awareness and ethical requirements, the market demand for artificial meat products is increasingly strong.
At present, Impossible Foods has also been exposed to seek to list through a merger with a special purpose acquisition company (SPAC), seeking to land on the capital markets at a valuation of at least $10 billion.
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