Temasek, Sailing lead $114m round for Impossible Foods

It brings the company’s total funds raised to date to $396 million. About half of this has been executed in the form of convertible debt, including the latest round. The fresh capital will support an imminent launch in Asia, where food security issues are expected to underpin various operational expansions.

Impossible Foods noted in a statement that Asia accounts for 44% of global demand for meat, and that the rate of consumption is growing faster than in any other region. The company has not yet confirmed a timeline for its Asia entry, but has indicated that it will attempt to tailor its approach to the market through the development of regional foods such as tofu, lettuce cups, and spring rolls.

Founded in 2011, Impossible Foods specializes in engineering vegetarian food products with similar characteristics to meat. This process includes the extraction of a chemical known as heme from plant protein to imitate the flavor, aroma, and bloody juices of meat. Deodorized coconut oil is also used to reproduce the caramelizing effect that colors seared meats.

The company positions itself as an environmentally focused business, highlighting that animal agriculture accounts for nearly half of arable land and 25% of freshwater use globally. Its flagship product, Impossible Burger, is said to use about 75% less water and require 95% less land than conventional beef burgers.

Previous Asian investment includes participation by Hong Kong’s Horizon Ventures in a $108 million round in 2015 that included contributions from Khosla Ventures, Viking Global Investors and UBS Wealth Management. Other early backers include Google Ventures, Bill Gates, and Open Philanthropy Project.

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• Topics
• North America
• Consumer
• Cleantech
• Expansion
• Asia
• USA
• Temasek Holdings
• sailing capital