Impossible Foods was launched in 2011 and since become one of the leading players of the plant-based scene. The Impossible Burger is available across all 50 U.S. states, including high end restaurants and fast food chains and the company’s investors include Bill Gates, Google Ventures, and Open Philanthropy Project.
Despite the controversy surrounding Impossible Burger’s FDA approval, its popularity and revenue continues to grow.
“When you think about our revenue for this calendar year, it has grown eight times. When you think about our revenue for 2019, it’ll be yet another high multiple. So our focus is serving this insatiable demand we’re finding,” David Lee, Impossible Foods CFO said.
In the next year, Impossible Foods will concentrate on retail sales and international expansion. The company, which currently operates in Hong Kong and Macau in Asia, is planning expansion in Singapore next.
“We’ve picked global markets that have trendsetters for all of Asia. Asia is 40% of global meat consumption. You’ll see us here in the U.S. — in more and more locations — in restaurants and stadiums, but you’ll also see us in retail. Our focus is to make sure every burger that we sell generates positive gross profit margin to be able to fund the R&D we need. Our approach is also not to run out. We’re not going to rush into a chain — either food service or retail — and disappoint meat eaters because we can’t supply it.”