Perhaps the universe is trying to tell us something this week. The day after 7,000 pounds of raw beef was recalled across nine states, Impossible Foods, maker of a meatless burger, announced that it had closed $114 million in convertible note financing.
The latest money comes from Sailing Capital and the Singapore government-backed Temasek, and brings Impossible’s war chest up to a total of $396 million.
Impossible makes the meat-like, meatless burger that “bleeds” and is sold through restaurants (check out our recent field trip to try one). Impossible burgers are available in more than 1,000 restaurants in the U.S., and company co-founder Pat Brown told TechCrunch that his production facility will be making 2.5 million pounds of its product per month by the end of the year.
Fake meat is having a moment right now as consumers become more conscious of what they eat and the impact it has on the planet. Nielsen research shows that over the last year the plant-based foods category grew 8.1%, hitting $3.1 billion in sales. Plant-based meat sales have grown by 6% in this time.
Impossible Foods isn’t alone in the meatless burger category. Competitor Beyond Meat also offers a (delicious) burger, though theirs is sold in grocery stores. This new generation of beef-like burgers — ones that are plant-based but scientifically formulated to closely mimic meat — are catching on to such an extent that Kraft Heinz had to reformulate its Boca Burger to better adapt to modern tastes.
With five billion pounds of ground beef sold in the U.S. every year, meatless burgers still have a long way to go before they usurp meat ones. But with its new fundraise, Impossible’s mission to reduce the world’s meat consumption just got a little more possible.