Investors salivating at the prospect of buying some Impossible Foods stock on the public market will have to wait a little longer.
The fast-growing plant-based meat startup said Thursday it secured a fresh $200 million in funding, led by new investor Coatue. Impossible has now raised $1.5 billion since its founding in 2011. It’s last funding round of $500 million came back in mid-March.
Coatue — which has traditionally focused on the tech space — is no stranger to cutting big checks for buzzy startups. The company had stakes in Uber, Lyft, Grab and Snap. It reportedly has more than $25 billion in assets under management.
Existing investors in Impossible, Mirae Asset Global Investments and Temasek, also contributed to the Series G round alongside other new name XN.
Impossible plans to use the funds to expand its R&D capabilities, accelerate manufacturing production, and support a wider retail store rollout.
“The use of animals to make food is the most destructive technology on Earth, a leading driver of climate change and the primary cause of a catastrophic global collapse of wildlife populations and biodiversity,” said Dr. Patrick O. Brown, M.D., Ph.D., CEO and founder of Impossible Foods, in a statement.
Brown added, “Impossible Foods’ mission is to replace that archaic system by making the most delicious, nutritious and sustainable meats in the world, directly from plants. To do that, Impossible Foods needs to sustain our exponential growth in production and sales, and invest significantly in R&D. Our investors believe in our mission to transform the global food system — and they recognize an extraordinary economic opportunity.”