Beyond Meat's Rival Impossible Foods Gains $200M More in Funding; No IPO Date Set
Impossible Foods, one of the beefiest competitors of well-known imitation meat-maker Beyond Meat (NASDAQ: BYND), just secured another $200 million in funding for its war chest, and hedge fund Coatue was a major contributor. The latest infusion of funding raises the company's total investment since 2011 to approximately $1.5 billion. Nearly half of the money, around $700 million, has been raised this year, with an even bigger round of investments in March.
Some funds have been funneled into aggressively boosting the retail footprint of the company's plant-based burgers and other imitation meats. A series of partnerships have put the vegan "meat" onto the shelves of thousands of stores this year, most recently 1,252 outlets of the successful southeastern U.S. grocery chain Publix.
Image source: Impossible Foods.
Source Fool.com
