Exclusive: Impossible Foods in talks to list on the stock market - sources
By Anirban Sen and Joshua Franklin
Reuters
(Reuters) - Impossible Foods Inc is preparing for a public listing which could value the U.S. plant-based burger maker at around $10 billion or more, according to people familiar with the matter.
This would be substantially more than the $4 billion the company was worth in a private funding round in 2020. It would highlight growing demand for plant-based meat products, driven by environmental and ethical concerns among consumers.
Impossible Foods is exploring going public through an initial public offering (IPO) in the next 12 months or a merger with a so-called special purpose acquisition company (SPAC), the sources said.
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Tofurky CEO on double-digit growth, fighting state labeling laws, and fat in plant-based meat: ‘There’s a juiciness problem…’ By Elaine Watson With VC-backed food tech startups deploying molecular biologists and astrophysicists now competing for shelf space in the red-hot meat and dairy alternatives market with equally deep-pocketed multinational meat and CPG companies, where do independent plant-based brands such as Tofurky fit in?
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(NAFB) – New data from the Plant-Based Foods Association and The Good Food Institute shows U.S. retail sales of plant-based foods continued double-digit increases in 2020, rising 27 percent.
That brought the total plant-based market value to $7 billion. The plant-based food market grew almost twice as fast as the total U.S. retail food market, which increased 15 percent as COVID-19 closed restaurants and consumers stocked up at the grocery store.
Of the total households in the U.S., 57 percent say they purchase plant-based foods, up from 53 percent in 2019. The value of plant-based meat, which is the second-largest plant-based category, hit $1.4 billion in 2020. Sales grew by 45 percent, up from $962 million in 2019.
Impossible Foods Warming Up for $10B IPO with SPAC Merger
5 hours ago by Steve Muchoki · 3 min read
Photo: Impossible Foods
However, Impossible Foods may opt to raise funds through private means and delay the IPO.
Plant-based substitute for meat company Impossible Foods Inc is reportedly in talks to go for an IPO later this year at a valuation of $10 billion. Impossible Foods has a market valuation of approximately $4 billion, having previously raised funds from private investors.
The Redwood City, the California-based company, was founded back in 2011 by Patrick Brown. Over the years, the company has grown to one of the most popular companies with competitors including Beyond Meat Inc (NASDAQ: BYND).