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Impossible Foods CEO is a longtime vegan and biochemist

15 May 2019

The company, which has raised more than $750m in total funding to date, intends to use the capital to accelerate scaleup, including hiring and capacity expansion at its plant in Oakland, Calif., which already employs about 70 full-time workers.

But the company is not in a hurry to go public, CFO David Lee tells them, adding: "We believe in self-reliance".

After Beyond Meat's IPO, Impossible Foods said that it does not have any plans to rush an IPO any time soon.

But despite the steady stream of funding from investors and the unprecedented demand for his products, Brown's life outside Impossible Foods doesn't appear to have changed all that much in the past eight years. "Being ready to go public is a priority for the company because we need to be operating at the highest level of rigour", Mr Lee said.

Joining Li, Hong Kong's richest businessman, in the Series E funding list are technology titans and U.S. celebrities, including pop singer Katy Perry, comedian Trevor Noah, singer will.i.am and rapper/businessman Jay-Z. Star athletes including Serena Williams and basketball star Paul George have also opened their wallets.

We last wrote about Impossible Foods nearly a year ago.

A friend had made a random comment about how making a beef-like burger that McDonald's could sell that didn't actually come from a cow would be the fastest way to solve the problems he saw with livestock farming. Ingredients include wheat, soy and potato proteins. "In April, Burger King announced plans to add the Impossible Whopper to menus nationwide by the end of 2019, putting Impossible Foods in 7,200 additional locations", Taylor reports.

Since January, Impossible Foods has recorded growth in every sales category in which it does business - independent restaurants, large restaurant chains such as White Castle and Qdoba, and non-commercial outlets such as theme parks, museums, stadiums, and college campuses.

"Sales of plant-based products grew by more than 17% previous year, according to Nielsen, while other grocery products only grew by 2%", CNBC's Aditi Roy reports.

As consumer appetites grow, competition is heating up in the global meat-substitute market, which is projected to reach $5.81 billion by 2022, according to a 2018 study by Grand View Research.

In addition to an increasing number of restaurants that sell the Impossible Burger, chefs are expanding the number of items made from the versatile plant-based meat, with average per-store volume increasing. "We lead with what they want positively which is craveability with better options for the environment and their health", Lee said.

Impossible Foods CEO is a longtime vegan and biochemist