Impossible Foods to go global after $500m investment

Vegan giant Impossible Foods has raised $500 million from a funding round, bringing its total investment to almost $2 billion.

Impossible Foods, which has applied for regulatory approval in Britain, said the half-billion would be used to accelerate its “global expansion”.

The multinational currently sells products, including a “bleeding” meat-free burger, to the US, Canada, Australia, New Zealand, UAE, Hong Kong, Macau and Singapore.

Founded in 2011 by a Stanford biochemistry professor, it uses an ingredient produced by a genetically engineered yeast to make its “meat”.

READ MORE: Beyond Meat points finger at grocers as revenue slashed

US food regulators have approved soya leghemoglobin, known as heme, but it has yet to be cleared by European authorities or the UK’s Food Standards Agency.

In April, Impossible was reported to be gearing up for a stock market listing with a valuation of around $10 billion.

“The latest round of funding allows us to further accelerate our product innovation and global expansion efforts,” chief legal officer Dana Wagner said.

He added that Impossible would “leverage the power of the food system” to “fight climate change”.

According to Britain’s food tsar Henry Dimbleby, the country needs to cut its meat consumption by 30 per cent within the decade to hit its net zero target.

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