Ahead of a potential initial public offering (IPO), meatless burger maker Impossible Foods said it has notched a $300 million investment in its newest funding round. The raise by the firm, which is backed by celebrities like Katy Perry and Serena Williams, shows the increasing appeal in plant-based foods that aim to have a meat-like taste, Reuters reported.
With the newest funding round, the California-based firm has brought in more than $750 million. But Chief Financial Officer David Lee told the newswire that the company is not rushing to go public. “We believe in self-reliance,” he said. “Being ready to go public is a priority for the company because we need to be operating at the highest level of rigor.”
Institutional investors in the firm include UBS and Temasek, among others.
The company rolled out its first meatless patty more than two years ago. Its key ingredient, which is called heme, gives the product a juicy and bloody appearance, along with a meat-like taste that is different than traditional veggie burgers. Soy, wheat and potato proteins are among the ingredients. The burger is sold at more than 7,000 restaurants around the world, including Red Robin and White Castle.
The news comes as Burger King made waves when it announced it would be rolling out a meatless version of the Whopper earlier this year in cooperation with the vegan burger folks at Impossible Foods. And while the Impossible Whopper is a meatless burger, it is not vegan, as it still has mayonnaise on it.
In another variation of a quick-service restaurant (QSR) adopting meatless options, Del Taco is currently demonstrating the vegan taco. The West Coast-based taco chain has been selling its Beyond Taco, made in conjunction with another firm in the meat alternative space, Beyond Meat. The Beyond Taco comes in two varieties: One is vegan and one is vegetarian (with cheese). Both sell for a dollar more than the standard taco.