The hype for meat substitutes

Impossible Foods’ mission to bring veganism to the meat-eating masses has received a boost after the plant-based meat company raised $300 million in its latest funding round — increasing its value by two-thirds to $2 billion in the past month alone. The latest cash injection, led by Temasek of Singapore and Li Ka-shing’s Horizons Ventures, takes the total raised by Impossible to more than $750 million, and follows the runaway success of rival BeyondMeat’s initial public offering this month. Appetite for plant-based meat substitutes has prompted a rapid rise in Beyond Meat’s share price. Listed at $25, the stock has nearly trebled since listing two weeks ago, giving the company a market capitalisation of about $4 billion. Impossible’s fundraising comes after it announced a tie-up with Burger King in the US. The fast-food chain is rolling out the “Impossible Whopper” to more than 7,000 restaurants, doubling Impossible’s US footprint… Impossible was founded in 2011 by Pat Brown, a Stanford University biochemistry professor. It has said it wants to eliminate the need for animals in the food chain by 2035… Both Impossible Foods and Beyond Meat have produced plant-based meat substitutes based on molecular science, with cells created to mimic those of animal protein using plant nutrients.
Emiko Terazono