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Full Version: Jay-Z, Katy Perry joining Temasek, Li Ka-shing in $300M Impossible Food funding round
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Jay-Z and Katy Perry among celebrities joining Temasek and Li Ka-shing in US$300 million Impossible Foods funding round
* Company has raised more than US$750 million since its founding in 2011

Ryan Swift   
Published: 3:46pm, 14 May, 2019

Impossible Foods, a leading producer of plant-based meat alternatives, has announced a new US$300 million funding round led by Singapore sovereign wealth fund Temasek and Li Ka-shing’s venture capital fund, Horizon Ventures.

The Oakland, California-based start-up said the funds raised will be used to accelerate its “rapid scale-up”, including the addition of 50 people to its 70 full-time employees and capacity expansion in California.

Joining Li, Hong Kong’s richest businessman, in the Series E funding list are technology titans and US celebrities, including pop singer Katy Perry, comedian Trevor Noah, singer and rapper/businessman Jay-Z. Also on the list are Reddit co-founder Alexis Ohanian and his wife, tennis star Serena Williams, NFL star player Kirk Cousins, music producer Jay Brown and food television show host Phil Rosenthal.

Including this latest round, the company has raised more than US$750 million since its founding in 2011 by Stanford University biochemistry professor Dr Patrick O. Brown. Its existing investors include Khosla Ventures, Bill Gates, Google Ventures, UBS, Viking Global Investors, Sailing Capital and Open Philanthropy Project, as well as Horizon Ventures.

“We have cracked the molecular code for meat and built an industry leading intellectual-property portfolio and brand,” said David Lee, Impossible Foods’ chief financial officer. “Our global financial partners are supporting a technology powerhouse that will transform the global food system.”

Impossible Foods has enjoyed high-profile successes in the past year. Burger King, the world’s fifth-largest fast-food restaurant chain, now serves Impossible Burgers in 59 outlets, with plans to unveil its Impossible Whopper in more than 7,000 outlets this year.

Impossible Foods said the Impossible Burger is now sold in more than 7,000 restaurants on two continents. Since its launch in Singapore in March this year, sales in Asia have increased more than threefold, the company said. Impossible Foods launched in Hong Kong and Macau last year.

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