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Start-ups

Fake meat firms raise funds for growth

by Melody M. Bomgardner
March 21, 2020 | APPEARED IN VOLUME 98, ISSUE 11

 

09811-buscon14-pork.jpg
Credit: Impossible Foods
A plant-based pork substitute is Impossible Foods' latest product.

Faux-meat firms are poised to increase capacity and product introductions thanks to new investment. Impossible Foods has received an equity injection of $500 million from Mirae Asset Global Investments, Khosla Ventures, and others, bringing its total funding to $1.3 billion. The company, famous for plant-based burgers that “bleed,” is adding a pork substitute and has quadrupled production capacity. Meanwhile, Nature’s Fynd—formerly Sustainable Bioproducts, a C&EN Start-Up to Watch in 2019—raised $80 million in a new funding round. The firm is developing meat-like products from fungal mycelium.

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