Exciting news! Food technology company Impossible Foods just announced they have raised $75 million in investment for their plant-based burgers that “bleed” from a Singapore-based venture fund, Temasek, Bill Gates (making this the third time Gates has invested in Impossible Foods!), Khosla Ventures, and others. According to TechCrunch, this brings the company’s total funding to nearly $300 million dollars.
Ever since the Impossible Burger’s debut on the meat-centric menu of David Chang’s Momofuku Nishi restaurant, Impossible Foods’ premier product has continued to gain momentum. Thanks to an innovative combination of wheat and potato protein, coconut oil, and heme, an iron-rich compound, the Impossible Burger is closer to the real thing than any other burger. “It turns out that finding a sustainable way to make massive amounts of heme from plants is a critical step in solving the world’s greatest environmental threat,” said Patrick Brown, founder of Impossible Foods.
The burgers are now available in select restaurants but with the Beyond Burger, another plant-based alternative burger already available in more than 1,300 grocery stores nationwide, Impossible Foods is in a race to catch up. To do this, the company is constructing a new production factory in Oakland, California, which will allow Impossible Foods to increase their production capacity from enough burgers to supply only eight restaurants to enough for 1,000 restaurants. They also have plans to introduce a retail flagship store within the next few years, Business Insider reports.
Demand for plant-based protein is booming. The global plant-based meat market is projected to reach $5 billion by 2020 and plant-based protein could represent one-third of overall protein by 2054. Impossible Foods latest $75 million investment is proof that the future of food is plant-based!
The Impossible Burger, like other plant-based meats, is also environmentally superior to conventional burgers. According to the company, making the plant-based burger uses 99 percent less land, 85 percent less water, and emits 89 percent less greenhouse gas than traditional beef production. Considering the animal agriculture industry is responsible for more greenhouse gas emissions than the entire transportation sector, these are not just impressive statistics, they are characteristics of a product that may just save the planet.
At a time when more people than ever are cutting back on meat consumption, the plant-based Impossible Burger is giving consumers something that has been missing up until now: a meatless option that is practically indistinguishable from the real thing. We’re looking forward to more great things from Impossible Foods!
For more news about investments and innovations in the plant-based food space, check out One Green Planet’s Future of Food.
All image source: Impossible Foods