IMPOSSIBLE Foods has raised US$300 million in a Series E funding round led by existing investors Temasek Holdings and Hong Kong tycoon Li Ka-shing's personal venture fund Horizons Ventures, the food-tech startup said on Tuesday.
The Oakland, California-based company plans to employ 50 new workers at its plant, which now has a small squad of some 70 full-time employees.
Impossible Burger has raised a total of $750 million since it launched in 2011 with a mission to eliminate the need for animals in the food chain over the next 16 years with a meat substitute that tastes like the real thing.
Since launching in Singapore in March 2019, sales in Asia have increased more than threefold as it benefited from strong sales from a wide range of restaurants and cuisines in Hong Kong and Macau.
While Impossible now only sells to restaurants, the company plans to target retailers with its plant-based protein later this year.
Impossible Foods has become pretty popular offering meatless, plant-based meals and now the company is attracting high-profile celebs to invest in the company.
In the statement, Impossible Foods chief financial officer David Lee said the team has "cracked the molecular code for meat and built an industry-leading intellectual property portfolio and brand".
"We believe in self-reliance".
"We are not in a rush to be public", Lee said, adding that Impossible Burger is trying to stanch the shortages it's experiencing across the board.
Celebrities have jumped on the investor bandwagon, including Jay-Z, will.i.am, Jaden Smith and Katy Perry.
Star athletes including Serena Williams have also opened their wallets.