Impossible Foods, known for its juicy, meatless burgers, recently announced that they received $75 million in funding last week. The Redwood City-based company had a funding round that was led by Temasek. Other participants included Open Philanthropy and previous investors, Bill Gates, Khosla Ventures, and Horizon Ventures.
This round brings Impossible Foods’ total fundraising to about $300 million. Their previous fundraising rounds saw GV, Viking Global Investors, and UBS as participants.
The company’s burgers are made with soy leghemoglobin that carries heme, an iron-containing molecule that occurs naturally in every animal and plant.
The company’s ultimate mission to replace a number of animal products with plant based products. Part of this strategy involved opening a factory in Oakland, California, in May, where it expects to be producing 1 million pounds of ground “plant meat” each month.
Last week, the company announced that it would now be available in more than 600 Kroger stores, spanning across 13 states. Their burgers are also available in select small outlets and select restaurants.
Impossible’s sizable round isn’t surprising given its ambitions but Temasek might have first had to demonstrate that it understands the company.
“I love VCs and particularly the ones that invested in us. But it’s truly astonishing how little diligence they do in terms of the actual science that underlies some tech companies,” founder and CEO Patrick Brown said.
Here is what a regular Impossible Foods burger looks like: