Corporate Profiles - 2020 - 84

COMPANY OVERVIEW

Impossible Foods
Meat alternative company raises $700 million
mpossible Foods has grown its retail footprint
throughout the year substantially after an
initial debut on supermarket shelves in late
2019. This past March, the Impossible Burger
was sold in about 150 grocery stores nationwide.
By September, the product was available in approximately 10,000 grocery stores across all 50
states, including Walmart, Kroger, Trader Joe's,
Sprouts Farmers Market and more.
In mid-August, the company raised $200 million of investment funding to expand its research
and development programs, increase manufacturing operations, expand retail presence and
availability in international markets, and accelerate commercialization and development of new
plant-based products.
Less than six months earlier, the company
closed a $500 million investment round. The
Redwood City, Calif.-based meat alternative
manufacturer has raised approximately $1.5 billion in capital since its founding in 2011.
"The market has its ups and downs, but the
global demand for food is always there, and the
urgency of our mission only grows," said Patrick
O. Brown, PhD, MD, founder and chief executive officer. "Our investors not only believe in our
mission, but they also recognize an extraordinary

I

opportunity to invest in the platform that will
transform the global food system."
The company has introduced a direct-toconsumer platform, where consumers may buy
family-size quantities of the Impossible Burger.
Orders come with compostable and recyclable
packaging, free shipping and two-day home delivery in the continental United States.
The company worked with partners to sell
Impossible Burger inventory direct-to-consumer
since the start of the COVID-19 pandemic. In May,
Impossible Burger teamed up with e-commerce
grocery startup Cheetah to sell burgers with contact-free pickup in the San Francisco Bay area. In
Los Angeles, grocery store Pink Dot began offering one-third-pound patties for delivery through
Postmates. Impossible Foods also began partnering with meal kit delivery company Home Chef to
offer the Impossible Burger on its menu.
Impossible Foods announced the initiative

when much of the country faced meat shortages
due to plant closings related to the pandemic.
"With America facing meat shortages for the
first time since World War II, we want to make it
as easy as possible to get Impossible Burger -
whether you shop in person at your local supermarket, with Instacart or other delivery services
or direct online," said Dennis Woodside, president of Impossible Foods. "Shelter-in-place and
social distancing restrictions due to COVID-19
altered our buying and eating habits, and many
of these changes are permanent. Our intention is
to make Impossible Burger available everywhere
people shop and eat, including directly from our
online store."
Earlier in the year, the company launched the
Impossible Sausage, which has since expanded
to more than 22,000 restaurants, including
Burger King and Starbucks.
"2020 has been a year of explosive growth
for us, but this is just the beginning," said David
Lee, chief financial officer for Impossible Foods.
"We plan to create plant-based upgrades for every major category of animal-derived food products. This investment will allow us to continue to
develop and commercialize the technology that
will enable that transformation." CP

Chief executive officer -
Patrick O. Brown

IMPOSSIBLE EXPANSION IN 2020:
Impossible Burger
Now available nationally
in approximately 10,000
grocery stores, including
Walmart, Kroger, Trader
Joe's and Sprouts Farmers
Market.

84 \ October 2020

Impossible Sausage
Now available in more
than 22,000 restaurants,
including Burger King and
Starbucks.

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Corporate Profiles - 2020

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