Impossible Foods, a four-year-old, Redwood City, Ca.-based company at work on a new generation of meats and cheeses made entirely from plants, has raised $108 million in new funding from a powerful group of backers.
Microsoft co-founder Bill Gates and Hong Kong tycoon Li Ka-shing are among the investors.
According the Wall Street Journal, founded in 2011 by Stanford University biochemist Patrick O. Brown, Impossible Foods is creating plant-based foods that it says taste like meat or dairy equivalents but use fewer resources, agriculturally and environmentally speaking, to produce.
The WSJ adds:
In Horizons Ventures, Impossible Foods shares an investor with Modern Meadow, another food startup that also aims to produce meat-equivalent products.
But rather than using plants and biochemistry to develop its products, Modern Meadow uses bioengineering to essentially brew animal cells in the lab to make leathers and steak chips.
“Both companies are trying to bring great food to the world’s table through technology that is much more environmentally friendly and effective in terms of ‘real cost’ to the world,” said Horizons Ventures’s Solina Chau.
“This latest financing ensures that we have more than enough runway to bring our first products to market,” said Patrick O. Brown, M.D., Ph.D., founder and CEO of Impossible Foods. “We are grateful to our visionary investors, whose support will enable us to transform the global food system by providing consumers with delicious and sustainable meat and dairy foods made directly from plants.”
“To achieve a sustainable future, we need to further invest in companies like Impossible Foods that minimize the environmental impact of our food system through innovation without compromising taste,” said Samir Kaul, partner at Khosla Ventures.