Impossible Foods - sights set on doubling valuation, report suggests

Impossible Foods - sights set on doubling valuation, report suggests

US plant-based burger business Impossible Foods is said to be in fundraising talks and might also consider an IPO that could more than double its US$2bn valuation.

News agency Reuters, citing "people familiar with the matter," said the Redwood, California-based maker of the Impossible Burger is "seeking to capitalise on growing consumer demand for meat alternatives".

Its sources suggest Impossible Foods is seeking to raise $300m to $400m in additional capital. 

The Reuters article also quoted the sources speculating that the fundraising could set the stage for an initial public offering by Impossible Foods as early as next year which could take its valuation to $3bn to $5bn.

An Impossible Foods spokesperson told Reuters that it has not announced any plans or timing regarding any IPO and declined to comment on any potential fundraising plans.

Impossible Foods, whose backers include venture capital investors Khosla Ventures and Horizons Ventures, as well as celebrities such as tennis star Serena Williams and pop singer Katy Perry, is understood to have raised $777m from backers so far.

It says its burgers are sold at more than 15,000 restaurants around the world. 

In October it lodged an application to sell its products in the European Union.

Earlier this month, fast-food giant Burger King chose Impossible Foods as its US plant-based partner.