In 2015, Impossible Foods, a Silicon Valley startup, launched its flagship product, Impossible Burger, which is a meat-substitute patty made from plants. The firm, founded in 2011, states its objective as to provide the flavor and nutritional advantages of meat, without the drawbacks of the cattle industry. The firm conducts molecular research on animal products before selecting proteins and minerals from plants to replicate the experience and nutrition of meat products.
Impossible Whoppers, developed in collaboration with Burger King, began to be distributed countrywide by the burger chain in the summer of 2019. In May 2019, the business began testing a plant-based sausage product on pizzas offered by Little Caesars restaurants.
Impossible Foods also experimented on plant-based goods that resembled chicken, pig, fish, and dairy, but opted to focus on developing a ground beef alternative for burger patties.
Impossible Foods Inc is planning for a pre-PO that could value the U.S. plant-based burger manufacturer at £7.1 billion or more.
Impossible Foods is considering either an initial public offering (IPO) or a merger with a so-called special purpose acquisition business (SPAC). According to the sources, they have worked with a financial consultant to help handle negotiations with SPACs after getting proposals at a profitable price.
A shell corporation that obtains cash in an IPO with the intention of purchasing a private firm is known as a SPAC. The merger is an alternate method of going public to an IPO for the firm being purchased. Merging with a SPAC has grown as a popular IPO option for companies looking to go public with less regulatory scrutiny and greater confidence about valuation and funds raised.
According to PitchBook statistics, Impossible Foods has earned £1 billion in private funding from investors such as Khosla Ventures and Horizons Ventures, as well as celebrities such as tennis player Serena Williams and musician Jay-Z.
As of last year, just under £1.4 billion was invested in global venture-backed startups in the space, with Impossible Foods raising a total of £500 million in Series F and Series G rounds, according to Crunchbase data. Impossible Foods is the market leader, having raised a total of £500 million in Series F and Series G rounds last year. According to the database, funding increased by a whopping 101 percent between the years 2019 and 2020.
At the same time, the number of sites where Impossible Foods' burgers are served has risen in the last year from 150 to more than 20,000.
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