Beijing time on the afternoon of November 27, according to Reuters, a person familiar with the matter, artificial meat company Impossible Foods is in talks with investors for a new round of financing. The company was valued at $2bn at the time of the financing in May, and the new round of financing could be more than double the previous valuation.
Impossible Foods is headquartered in Redwood, California. As consumer demand for alternative meats continues to go on sale, the company hopes to make a profit from it. Since its listing in May, rival Beyond Meat’s share price has more than tripled and is now worth about $4.8 billion.
People familiar with the matter said the company’s target for the round of financing was valued at between $3 billion and $5 billion, with an expected raising of between $300 million and $400 million. People familiar with the matter cautionthated that the financing plan may be changed based on investor feedback. Some existing Impossible Foods investors have been trying to get bigger financing at higher valuations, said one of the people familiar with the matter.
The financing could lay the groundwork for Aie Foods’ listing early next year, people familiar with the matter said. “We need to consider options to drive our long-term growth. However, we have not announced any plans or timing spree related to the IPO,” a Impossible Foods spokeswoman explained, but declined to comment on potential financing options.
Despite the woes of several well-known start-ups in 2019, the sharp rise in valuations may suggest that VCs are still willing to pay for private financing.
According to data provider PitchBook, Investors in Impossible Foods include v. Khosla Ventures and Horizons Ventures, as well as tennis star Serena Williams. Williams) and singer Katy Perry. To date, Impossible Foods has received $777 million in financing.
The company also said its vegetarian burgers are sold in more than 15,000 restaurants around the world. More recently, the company has also begun selling its products at some U.S. grocery stores.
The global alternative meat market will generate $4.2 billion in revenue in 2018 and $6.1 billion by 2023 as more consumers switch to vegetarianism or reduce red meat consumption, according to Global Markets Research. (Tur)