Impossible Foods, which makes a meatless plant-based burger and is backed by celebrities like Serena Williams and Katy Perry, said on Monday it has raised $300 million in the latest round of funding ahead of a possible initial public offering.
The fundraising underscores the growing appeal in plant-based food that tries to taste like meat with fewer environmental or health risks. Shares of competitor Beyond Meat Inc, which debuted on Nasdaq on May 2, have more than tripled.
The latest round for Impossible Foods brings the Silicon Valley-based startup’s total raised to more than $750 million. Despite encouraging signs from investors, it is not in a hurry to go public, Chief Financial Officer David Lee told Reuters.