Why do Katy Perry, Serena Williams and Jay-Z want to invest in meat-alternative firm, Impossible Foods?
Many celebrities are backing US company – which raised US$300 million in star-studded Series E round of funding – known in Asia for its flagship plant-based Impossible Burger
The American plant-based meat maker and food industry disrupter, Impossible Foods – which sells its flagship product, the Impossible Burger, in restaurants and food outlets in Hong Kong, Singapore and Macau – says it has raised US$300 million in a star-studded Series E round of funding.
The money will be used to speed up the company’s ambitions to expand its workforce and increase the capacity of its production plant in California.
The Impossible Burger requires 75 per cent less water and 95 per cent less land to make and produces 87 per cent lower carbon emissions than a burger made from the meat of cows
In addition to institutional names, Impossible Foods now has the backing of a legion of A-lister celebrity investors, such as rapper Jay-Z, Trevor Noah, host of the American satirical news programme, The Daily Show, singer Katy Perry, rapper will.i.am, actor Jaden Smith and tennis star Serena Williams.
News of the funding came days after the May 2 record-shattering New York initial public offering of shares in Beyond Meat, another US maker of plant-based meat substitutes.
The latest round of funding for Impossible Food has come amid a big surge in sales of its award-winning Impossible Burger, a meatless patty now in its second gluten and wheat-free iteration.
Since January, the company has experienced strong growth across every sales category – from dining outlets, to theme parks, school campuses and independent restaurant businesses.
In fact, after a test run at Burger King outlets in the US state of Missouri, the fast-food chain recently revealed it would be rolling out its Impossible Whoppers across the US by the end of the year.
Impossible Foods has enjoyed three-fold growth in Asia since its debut in Singapore in March.
Since launching in Asia with just four restaurants a year ago, Impossible is now available at more than 170 outlets across Hong Kong and Macau, as well as over 50 locations in the Lion City – less than three months after its debut.