Food tech startup Impossible Foods has raised $114 million dollars - which it will use to expand its business overseas and in the US.
The company, which was founded in 2011 by Stanford biochemistry professor and former pediatrician Dr. Patrick O. Brown, makes meat directly from plants, creating a smaller environmental footprint than meat from animals. Its flagship product is the Impossible Burger, which is available in more than 1,000 restaurants across the US.
The new cash injection takes total investments to nearly $400 million including approximately $214 million in the past 18 months. The company's newest investors include Temasek and Sailing Capital. Open Philanthropy Project, Temasek, Bill Gates and Horizons Ventures have invested in multiple rounds of funding. Early investors include Google Ventures, UBS and Viking Global Investors.
Impossible Foods' CEO and Founder, Dr. Patrick O. Brown said the cash would be used to expand operations.
He said: "Our world-class investors enable us to ramp up rapidly and accomplish our urgent mission.
"We are proud of the progress we’ve made - but frankly there are still millions of restaurants and billions of people who want meat.
"We won't stop until the global food system is truly sustainable."
According to the company, demand is still outstripping supply, despite the company moving to a large-scale production facility in September last year - a problem that will be addressed by adding an additional shift at Impossible Food's factory in Oakland, Calif., this spring.
As part of its expansion, Impossible Foods will announce availability in additional mainstream American restaurants later this month.
After that, the company will launch its first international market later this month in Asia. Asia drives 44 percent of the world's demand for meat, and the rate of consumption is growing faster than any other region.