Alternative Meat Made with Plant-Based Ingredients – Attracted $500 Million in Investment
Impossible Foods is a company developing plant-based substitutes for meat, dairy, and fish products.
Mirae Asset-led investments in plant-based alternative meat companies that reduce land (95%), water (74%), and greenhouse gas (87%) compared to meat by reproducing meat with soybeans.
The investment will be used to expand production (aim to double/year for 15 years) by entering retail stores, expanding products such as sausages and pork, and expanding the supply of Burger King.
Business
Impossible Foods is a company developing plant-based substitutes for meat, dairy, and fish products. It selects specific proteins and nutrients from greens, seeds, and grains to recreate the experience of meats and dairy products
General Information
- Headquarters : Redwood City, CA
- Founders : Monte Casino, Patrick Brown
- Categories : Cooking, Food and Beverage, Food Processing, Nutrition, Organic Food
- Founded : 2011
- Contact : hello@impossiblefoods.com
Funding
- Investors: Ahmir Khalib Thompson, Bill Gates, Horizons Ventures, Katy Perry, Khosla Ventures, Mirae Asset Global Investments, Philip Rosenthal, Serena Williams, Jay-Z, Temasek Holdings, etc.
- Funding Rounds (11) - $687.5M
- May 13, 2019 Series E
- May 13, 2019 Series E / $300M
- May 1, 2019 Series E
- Jan 5, 2019 Secondary Market
- Apr 3, 2018 Convertible Note / $114M
- Aug 1, 2017 Convertible Note / $75M
- May 26, 2016 Debt Financing / $16.5M
- Sep 30, 2015 Series D / $108M
- Jun 27, 2014 Series C / $40M
- Jul 17, 2013 Series B / $25M
1. Reason for attention
- As a result of a confirmed case of COVID-19 at a meat processing company in the United States (Tyson, JBS, etc.), there is a possibility that meat production may be disrupted, such as plant shutdown.
- As it was restarted by the US government's executive order, the meat shortage has been resolved and meat is being stably supplied to large supermarkets again, but Growing interest in alternative meat as one of the alternatives in case of occurrence of genus and similar situations in the future In the case of Beyond Meat, an alternative meat company, the stock price ($48), which was cut in half after the corona crisis, recovered to the pre-corona level ($128.29) in May
- In addition to supply concerns, attention is being paid to health concerns, environmental concerns about meat production, and animal welfare.
- As a result of a confirmed case of COVID-19 at a meat processing company in the United States (Tyson, JBS, etc.), there is a possibility that meat production may be disrupted, such as plant shutdown.
- As it was restarted by the US government's executive order, the meat shortage has been resolved and meat is being stably supplied to large supermarkets again, but Growing interest in alternative meat as one of the alternatives in case of occurrence of genus and similar situations in the future In the case of Beyond Meat, an alternative meat company, the stock price ($48), which was cut in half after the corona crisis, recovered to the pre-corona level ($128.29) in May
- In addition to supply concerns, attention is being paid to health concerns, environmental concerns about meat production, and animal welfare.
2. Current business status
- Impossible Foods is already on the market by developing plant-based meat using soybeans.
- Burger King is selling Impossible Whopper using Impossible Foods products and selling products through large supermarkets such as Kroger and H-E-B for general consumers.
- Impossible Foods is forced to increase its supply as Burger King expands its Impossible Whopper supply to all chains.
- Impossible Foods is already on the market by developing plant-based meat using soybeans.
- Burger King is selling Impossible Whopper using Impossible Foods products and selling products through large supermarkets such as Kroger and H-E-B for general consumers.
- Impossible Foods is forced to increase its supply as Burger King expands its Impossible Whopper supply to all chains.
3. Competition
- Beyond Meat
- Founded in 2009 and listed on the New York Stock Exchange in 2019, it currently holds the highest market share thanks to Costco supply
- Various products such as minced meat for burgers, sausages, and steaks are on sale with chickpeas and soybeans as main ingredients
- Pure Farmland
- A brand of Smithfield Foods, a major US meat processing company owned by Hong Kong-listed WH Group.
- Sells minced meat such as meatballs and hamburger patties with beans as the main ingredient
- Beyond Meat
- Founded in 2009 and listed on the New York Stock Exchange in 2019, it currently holds the highest market share thanks to Costco supply
- Various products such as minced meat for burgers, sausages, and steaks are on sale with chickpeas and soybeans as main ingredients
- Pure Farmland
- A brand of Smithfield Foods, a major US meat processing company owned by Hong Kong-listed WH Group.
- Sells minced meat such as meatballs and hamburger patties with beans as the main ingredient
- Memphis Meats
- Unlike other companies that use plant materials, it provides nutrients to animal cells and cultivates them to produce real meat that can be eaten
- As a pilot facility construction stage, it is targeted for release in 2021, but high production cost is a concern
4. Future Prospects
- Barclays predicts that the market for alternative meat, which currently accounts for 1% of the total meat market, will grow to 10% ($140 billion) in 2029.
- In particular, consumers who were limited to vegetarians, flexitarions (vegetarians who occasionally eat meat or fish) and millennials are expected to spread to the general public due to the COVID-19 outbreak, which will accelerate market expansion. expected
- In line with this trend, Impossible Foods plans to expand its products to sausages and pork, and use the investment to expand the plant.
Source: Impossible Foods
👉• Web: http://impossiblefoods.com
👉• Video: Impossible Foods - YouTube
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