Plant-based burger startup Impossible Foods has raised a whopping $US300 million ($432.7 million) in Series E funding, with celebrity investors including Jay-Z, Katy Perry, Serena Williams and will.i.am taking a bite of the action.
The round brings the total funding raised for the California-based startup to more than $750 million.
The funding round was led by existing investors Temasek and Horizon Ventures. However, a string of celebrity investors are also backing the eco-friendly startup, including tennis star Serena Williams, rapper Jay-Z, and actor Jaden Smith, as well as Katy Perry, Kirk Cousins and Ruby Rose.
Founded in 2011, Impossible Foods strives to create meat, dairy and fish products using only plant materials, in a bid to provide a sustainable alternative to the current food system.
In 2016, it released its Impossible Burger product, designed to look and taste like a beef burger. Now, the vegan patty is available in ‘Impossible Whopper’ form at selected Burger King restaurants across the US.
According to a statement, this latest batch of funding will be used to accelerate the business’ rapid growth, adding new staff members and a second production line at its manufacturing plant.
The startup added that demand for the flagship burger product is ramping up, saying the company has seen an “unprecedented sales surge”.
In the statement, Impossible Foods chief financial officer David Lee said the team has “cracked the molecular code for meat and built an industry-leading intellectual property portfolio and brand”.
With fresh backing, the startup is set to “transform the global food system”, he said.