Plant-Based Company Impossible Foods Raises $500 Million Despite Economic Turmoil
The new funding comes with a focus on Asia, despite the huge global economic disruption caused by the coronavirus outbreak.
Credit: Impossible Foods
Impossible Foods, one of the leading companies producing plant-based meat, has seen its latest round of funding raise $500 million.
Despite the current global economic downturn caused by the coronavirus outbreak, this latest funding means the company is now valued at around $4 billion.
Heavyweight investors across Asia led the funding round, according to CNN Business. The plant-based meat company has plans to expand further internationally, with a particular focus on mainland China.
Amid growing concerns about animal agriculture’s role in spreading infectious diseases such as COVID-19, bird flu, and SARS, plant-based meat is set to play a huge role in the future of our food system. Already, tastes are changing across the US, with almost one in four Americans now cutting back on eating meat.
"With this latest round of fundraising, Impossible Foods has the resources to accelerate growth — and continue to thrive in a volatile macroeconomic environment, including the current Covid-19 pandemic," Impossible Foods’ chief financial officer David Lee said in a statement.
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