Impossible Foods Raises $500M in Funding Led by South Korean Investor

©Impossible Foods

According to Reuters, Impossible Foods has announced it has closed a series F funding round led by a new South Korean investor Mirae Asset Global Investments, bringing them a total raise to date of $1.3 billion. Other participants in the round includes Khosla Ventures, Horizons Ventures, and Temasek.

Impossible Foods Chief Financial Officer David Lee refused to respond as to when Impossible may file for IPO.  He commented that the latest investment will be used to expand production capacity.

Forbes has reported that the funds will go partly towards “fighting volatility” stemming from the coronavirus pandemic – “With what’s happening in the world, it’s important to reassure our customers that we are built to withstand short-term shocks,” Lee said to Forbes. “We’re able to stand tall. We have the ability with long-term investors.”

The news comes less than two weeks after Impossible announced that it is significantly expanding its product lineup and dropping prices to make its products comparable with their animal meat counterparts.