The world is struggling to control the pandemic spread by Coronavirus, but amidst the grappling times, there is good news for Impossible Foods. The plant-based protein start-up company, Impossible Foods got a new investor Mirae Asset Global Investments from South Korea who will back them with the finances. Even the existing investors Hong Kong's Horizons Ventures and Singapore's Temasek also decided to extend more funds.
The company is hardly nine-year-old but has managed to get $1.3billion funding and the current valuation of the company, according to Reuters, is $4billions. The company products are already available in Singapore and Hong Kong, and now they are joining hands with big names like Disney and Burger King.
Impossible Foods planned to expand to China when the CEO of the company Patrick Brown flew down to China. He extended free samples of Impossible Burgers in the trade show in Shanghai in November last year. But, with the recent circumstances, their plans of expanding in China are on pause.
On 17th March, David Lee, the Chief Financial Officer of the company said,” With this latest round of fundraising, Impossible Foods has the resources to accelerate growth — and continue to thrive in a volatile macroeconomic environment, including the current Covid-19 pandemic,"
The market has its ups and downs, but the global demand for Food is always there," Brown added in the statement. "The urgency of our mission only grows.
