Impossible Foods, the plant-based meat pioneers, has closed a $75 million investment indicating the seachange taking place in the food industry.
The Singapore investment company Temasek was the lead investor this time around. Contributions were also provided by Bill Gates, the Open Philanthropic Project, Khoslla Ventures and Horxons Venture.
This follows the company launching its inaugural large-scale production facility in East Oakland in March.
Impossible Foods uses a combination of bleeding-edge science and tech to create its products, which have caught the industry zeitgeist and resonated with media outlets the world over.
Its flagship product – the eponymous Impossible Burger – is made through a combination of plant-based ingredients.
A key ingredient in the manufacturer of its burger is soy leghemoglobin, a protein which carries heme, a naturally occurring iron-containing molecule.
As well as being abundant in animals, heme is also present in plants, which provides the vital bloody quality to the Impossible Burger. Its sales spiel is based around the burger bleeding like real meat.
The appeal for the burger, the company said, is that is an affordable, scalable way of satisfying the global demand for meat at a fraction of the environmental impact.
The company recently gained a patent covering its technology to use leghemoglobin in plant-based meat.
Later this month, the company will provide a study of leghemoglobin consumption to the US Food and Drug Administration.