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- Impossible Foods
Impossible Foods Revenue, Valuation, Funding & Investors
Impossible Foods is valued at $7B as of November 2021, a 15.2x multiple on its last reported $460M revenue.
Last Impossible Foods valuation
$7B
Series H · Nov 2021
Last Impossible Foods funding round
$500M
Series H · Nov 2021
Impossible Foods revenue
$460M
Series H · Nov 2021
Key investors in Impossible Foods
Khosla Ventures
Temasek
Horizons Ventures
Mirae Asset
Bill Gates
GV
About Impossible Foods
Impossible Foods is a Walnut Creek-headquartered developer of plant-based meat alternatives using legume proteins and heme. The company produces Impossible Burger patties, ground beef, and sausage for retail and foodservice. Available at Burger King, Starbucks, and 30,000 US grocery stores, Impossible Foods partners with Disney parks and Lowes Foods. Founded in 2011, it focuses on recreating meat's taste and texture for climate-friendly proteins.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$460M (Nov 2021)
Valuation
$7B (Nov 2021)
Impossible Foods Valuation
Impossible Foods is currently valued at $7B, based on its Series H in November 2021.
The $500M round was led by Mirae Asset.
Impossible Foods' valuation has grown 3.5x from $2B at its Series E in May 2019 to $7B in November 2021, across 4 priced rounds.
Impossible Foods valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2021 | Series H | $7B | 15.2x |
| Aug 2020 | Series G | $4B | 8.7x |
| Mar 2020 | Series F | $4B | - |
| May 2019 | Series E | $2B | - |
Impossible Foods Revenue
Impossible Foods' latest recorded revenue is $460M, as of its Series H in November 2021. At a $7B valuation, that implies a 15.2x revenue multiple.
Revenue moved from $460M in August 2020 to $460M in November 2021, while the revenue multiple moved from 8.7x to 15.2x.
Impossible Foods revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2021 | $460M | $7B | 15.2x | Series H |
| Aug 2020 | $460M | $4B | 8.7x | Series G |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Impossible Foods Funding History
Impossible Foods has raised a total of $1.9B across 10 funding rounds.
Impossible Foods' first fundraising round was a $3M Series A in February 2013. The most recent completed round was a $500M Series H in November 2021.
Impossible Foods funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2021 | Series H | Mirae Asset (lead) | $500M | $7B | Impossible Foods, a California-based food tech company founded in 2011 by Patrick O. Brown, produces plant-based meat and dairy products like the Impossible Burger, designed to mimic animal products with a significantly lower environmental footprint to combat climate change from animal agriculture. The company raised approximately $500 million in a funding round around November 2021, led by Mirae Asset Global Investments with participation from existing investors including Khosla Ventures, Horizons Ventures, and Temasek, bringing total funding to over $2 billion. This Series H or latest round followed prior raises such as $500 million in March 2020 and $200 million in August 2020, both also involving Mirae Asset. According to a source familiar with the deal, the post-money valuation for this $500 million round approached $4 billion, with Series F shares issued at $15.4139 per share compared to Series E at $10.6038. Funds were allocated to expand retail growth, supply chain, product portfolio, technology platforms, and international markets amid record growth. Impossible Foods cited IRI data showing it as the fastest-growing plant-based meat company in retail, outpacing the next 10 competitors combined in dollar sales over the most recent 13-week period versus a year prior. The fundraising occurred as plant-based meat peers like Beyond Meat faced market pressures, with Impossible Foods emphasizing resilience against short-term shocks like the coronavirus outbreak. Earlier rumors of a $10 billion IPO or SPAC merger were noted but not pursued at the time. |
| Aug 2020 | Series G | Coatue (lead); Meros Equity Global Management (lead); Temasek; XN; Mirae Asset; Global Secure Invest; Empede Capital | $200M | $4B | Impossible Foods, a Silicon Valley-based food technology company, closed a Series G funding round of $200 million in August 2020 led by hedge fund Coatue Management, with participation from XN, Mirae Asset Global Investments, and Temasek. The round valued the company at $4 billion according to PrimeUnicorn Index tracking. This brought the company's total funding to approximately $1.5 billion since its 2011 founding. Impossible Foods is known for its plant-based meat alternatives, with its flagship product being the Impossible Burger. The company had dramatically expanded its retail presence, growing from 150 grocery store locations in March 2020 to over 8,000 stores across all 50 states by August 2020, driven by significant demand shifts during the COVID-19 pandemic. The company also launched Impossible Sausage and was developing additional products including plant-based pork, steak, and milk. The Series G proceeds were designated for expanding research and development, accelerating manufacturing capacity, increasing international market presence, and developing next-generation plant-based products. Impossible Foods had quadrupled production capacity at its Oakland, California facility and partnered with food manufacturer OSI Group to support surging consumer demand for plant-based protein alternatives. |
| Mar 2020 | Series F | Mirae Asset (lead) | $500M | $4B | Impossible Foods, a Redwood City, California-based food tech company, develops plant-based meat alternatives like the Impossible Burger, Sausage, Pork, Chicken Nuggets, and Meatballs that mimic animal products while reducing environmental impact. The company confirmed approximately $500 million in new funding on March 16, 2020, led by Mirae Asset Global Investments with participation from existing investors including Khosla Ventures, Horizons Ventures, and Temasek, bringing total funding since 2011 to nearly $1.3 billion. This Series F round followed product launches at CES 2020 and aimed to fund fundamental research, innovation, retail expansion, and commercialization of next-generation products amid the COVID-19 pandemic. The funding enabled Impossible Foods to accelerate growth in a volatile market, prioritizing employee safety measures and scaling production after quadrupling output at its Oakland plant the prior year. It entered partnerships like with OSI Group and cut distributor prices by 15% to compete with beef. At the time, products were in limited retail (150 U.S. stores by March 2020) and select international markets including Hong Kong, Macau, and Singapore, with Asia as a key expansion focus highlighted by Mirae Asset's involvement. This round preceded a $200 million Series G in August 2020 led by Coatue at an estimated $4 billion valuation and another $500 million in 2021 again led by Mirae. By late 2021, products reached 22,000 grocery stores (from 150 in March 2020) and 40,000 restaurants, with IRI data showing it as the fastest-growing plant-based meat company in U.S. retail, outpacing the next 10 competitors combined in dollar sales growth. |
| May 2019 | Series E | Horizons Ventures (lead); Temasek (lead) | $300M | $2B | Impossible Foods, a Redwood City, Calif.-based food-tech startup founded in 2011 by Stanford biochemistry professor Patrick Brown, develops plant-based meat substitutes like the Impossible Burger to eliminate the need for animals in the food chain by 2035. The company announced a $300 million Series E funding round on May 14, 2019, led by existing investors Temasek and Horizons Ventures, bringing total equity funding to over $750 million. Additional backers included celebrities such as Jay-Z, Katy Perry, Serena Williams, and institutions like Khosla Ventures, Bill Gates, Google Ventures, UBS, and Viking Global Investors. The round aimed to accelerate scaleup, including hiring, adding a third shift and second production line at its Oakland plant, and expanding manufacturing capacity amid surging demand. The funding followed strong product traction, with the Impossible Burger 2.0 winning top prizes at CES 2019 and rolling out nationally at Burger King as the Impossible Whopper, alongside partnerships with Red Robin and Qdoba. Impossible Foods focused on B2B sales to restaurants, differentiating from rival Beyond Meat's consumer grocery emphasis, especially as Beyond Meat's IPO valued it over $3 billion. Demand exceeded plans, causing shortages earlier in 2019, prompting capacity investments to avoid future issues and support small restaurant growth. By late 2019, Impossible Foods sought another $300-400 million round targeting $3-5 billion valuation, more than doubling the prior implied $2 billion mark, amid plant-based protein sector momentum. It expanded to grocery stores that fall while prioritizing production ramps. Total funding reached about $687.5-775 million across rounds, with Asian investors like Temasek and Horizons Ventures eyeing regional protein demand. No IPO occurred immediately, with CFO David Lee emphasizing operational rigor. |
| Apr 2018 | Undisclosed stage | Sailing Capital (lead); Temasek (lead); Blue Horizon Corporation | $114M | - | Impossible Foods, a Redwood City, California-based food technology company founded in 2011 by Patrick O. Brown, develops plant-based meat substitutes, with its flagship Impossible Burger launched in 2016 as a vegan alternative to beef hamburgers using ingredients like wheat protein, potato protein, coconut oil, and heme for meat-like taste. The company announced the closing of approximately $114 million in convertible note financing on April 3, 2018, led by Temasek Holdings and Sailing Capital, with participation from investors like Open Philanthropy Project, Bill Gates, and Horizons Ventures. This round brought total funding since inception to about $396 million, including $214 million raised in the prior 18 months, all as convertible debt to allow conversion at a higher future valuation amid rapid growth. The financing supported rapid expansion in the US and overseas, with the Impossible Burger set to debut in Asia later that month. Previous investors included Khosla Ventures (seed and multiple rounds), Google Ventures, UBS, and Viking Global Investors. Impossible Foods focused on scaling production and commercial adoption, later partnering with Burger King for Impossible Whoppers in 2019 and launching products like Impossible Chicken in 2021. The company raised additional rounds post-2018, including $300 million in 2019 at a $2 billion valuation and $500 million in 2020, reaching over $1.3 billion in total funding. |
| Aug 2017 | Undisclosed stage | Temasek (lead); Next Play Capital; Open Philanthropy; Trinity Capital; Continental Grain Company; Bill Gates; Khosla Ventures; Horizons Ventures | $100M | - | Impossible Foods, a plant-based meat company developing alternatives like the Impossible Burger using ingredients such as heme from soy, raised a $100 million convertible note in August 2017 led by Temasek Holdings. The round supported ongoing product development and market expansion following earlier funding. By April 2018, Impossible Foods closed a follow-on $114 million convertible note led by Temasek and Sailing Capital, bringing total raised in the prior 18 months to approximately $214 million and cumulative funding to about $396 million since inception. Early backers like Khosla Ventures (seed and multiple rounds), Google Ventures, UBS, Viking Global Investors, Bill Gates, and Horizons Ventures participated across rounds. The 2017-2018 financings enabled launches like the Impossible Burger in Asia and US expansion. The company focused on scaling production, innovating products (e.g., prototypes like steak), and competing against animal agriculture rather than rivals like Beyond Meat. |
| Sep 2015 | Series D | UBS (lead); Li Ka-shing; Unanimous Capital; Bill Gates; Khosla Ventures; Horizons Ventures; Innovative Fund; Viking Global Investors | $108M | - | Impossible Foods, founded in 2011 by Patrick Brown, develops plant-based meat alternatives like burgers made directly from plant ingredients to mimic animal products while reducing environmental impact. The company raised $108 million in its Series D funding round announced on October 7, 2015, led by UBS with participation from Viking Global Investors, Horizons Ventures, Khosla Ventures, Bill Gates, and others including Li Ka-shing. This round aimed to provide runway to bring initial products to market and scale production capacity for sustainable meat and dairy foods. The Series D followed earlier rounds including a Series B of $25 million in July 2013 led by Bill Gates and Khosla Ventures to support product development and commercialization. In 2015, Patrick Brown reportedly turned down a $300 million buyout offer, indicating strong early investor confidence. Investors highlighted the potential to transform the global food system by offering delicious, affordable plant-based alternatives using fewer resources than animal agriculture. Subsequent rounds built on this, with total funding reaching over $2.5 billion by 2021 across multiple series. |
| Jun 2014 | Series C | GV; Khosla Ventures; Horizons Ventures; Serena Ventures | $40M | - | Impossible Foods, a plant-based meat company founded by Stanford professor Patrick Brown, raised $40 million in a Series C round in June 2014 from investors including GV (Google Ventures), Horizons Ventures, Khosla Ventures, and Serena Ventures, as indicated in funding histories. This round followed earlier funding: a $25 million Series B in July 2013 and Series A rounds of $3 million in February 2013 and $6.2 million in September 2011. The company focused on developing meat substitutes from plant sources like soy and potato proteins using heme technology. Later funding rounds significantly scaled the business, with a $75 million Series D in 2017 and subsequent raises including $300 million in 2019 valuing the company at around $4 billion amid $88 million sales in 2018, $500 million in 2020, and $500 million in 2021 at a $7 billion valuation, bringing total funding over $2 billion by 2021. Revenue grew to $137 million in 2022 with 70% year-over-year growth, distributed via 25,000 grocery stores and 40,000 restaurants. Impossible Foods competed in the alternative meat market, which reached $7.5 billion, against peers like Beyond Meat, which had $400-425 million revenue in 2022 at a 2.3x multiple but declining growth. The Impossible Burger, launched in 2016, expanded to over 7,000 locations by 2019, including Burger King and retail plans. |
| Jul 2013 | Series B | Bill Gates (lead); Khosla Ventures (lead) | $25M | - | Impossible Foods, a Redwood City, California-based company founded by Stanford professor Patrick Brown, develops plant-based meat alternatives like the Impossible Burger using food science and biotechnology to mimic animal meat's taste and texture while reducing environmental impact. The company has raised significant funding over multiple rounds. One profile lists a Series A in 2013 raising $17 million led by food technology-focused venture firms for R&D scaling and product prototypes. Later rounds include Series B in 2015 ($75M), Series C in 2016 ($108M), and subsequent raises totaling around $1.9 billion by 2021 with valuations reaching $7 billion or $9.5 billion. |
| Feb 2013 | Series A | Khosla Ventures (lead) | $3M | - | Impossible Foods, founded in 2011, develops plant-based meat alternatives. Khosla Ventures was the original venture capital backer, providing seed funding and investing in multiple subsequent rounds. |
Who has invested in Impossible Foods?
23 investors have backed Impossible Foods across its funding rounds, including Khosla Ventures, Temasek, Horizons Ventures, Mirae Asset, Bill Gates and GV.
Lead investors include Mirae Asset, Coatue, Meros Equity Global Management, Horizons Ventures, Temasek and 4 other investors.
Impossible Foods Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Feb 2013 | ||
| 4 | Lead | Aug 2017 | ||
| 4 | Lead | Jun 2014 | ||
| 3 | Lead | Mar 2020 | ||
| 3 | Lead | Jul 2013 | ||
| 1 | Participant | Aug 2017 | ||
| 1 | Participant | Aug 2020 | ||
| 1 | Lead | Aug 2020 | ||
| 1 | Participant | Sep 2015 | ||
| 1 | Participant | Sep 2015 | ||
| 1 | Participant | Jun 2014 | ||
| 1 | Participant | Aug 2017 | ||
| 1 | Participant | Aug 2017 | ||
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Start Free TrialImpossible Foods Competitors
Impossible Foods competitors include listed companies like Ingredion, Hebei Yangyuan Zhihui, Marfrig and a2 Milk, and private ones like Believer Meats and NotCo.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $7.2B | $1.2B | $6.2B | 1.0x | ||
| Publicly listed | $796M | $254M | $8.1B | 8.4x | ||
| Private | - | - | $900M | - | ||
| Publicly listed | $32B | $2.2B | $4.6B | 0.5x | ||
| Private | - | - | $1.5B | - | ||
| Publicly listed | $1.1B | $164M | $3.5B | 2.6x |
Impossible Foods Public Comps
Impossible Foods is still privately-owned, but its public comps include Pilgrims Pride, Sam Yang Foods, Dabur India, CELSIUS Energy Drinks, Conagra Brands, Barry Callebaut, Fonterra, Lamb Weston, Meiji Group and Primo Brands.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $18B | $2.1B | 0.5x | 0.5x | 4.7x | 6.0x | |||
| $1.7B | $428M | 4.1x | 3.4x | 16.4x | 13.1x | |||
| $1.4B | $276M | 5.0x | 4.7x | 24.5x | 24.9x | |||
| $2.5B | $182M | 3.6x | 3.0x | 49.2x | 13.1x | |||
| $11B | ($1B) | 1.3x | 1.3x | (13.7x) | 8.2x | |||
| $18B | $1B | 0.7x | 0.8x | 11.3x | 11.9x | |||
| $14B | $1.2B | 0.7x | 0.7x | 7.9x | 7.5x | |||
| $6.6B | $983M | 1.6x | 1.6x | 10.4x | 8.9x | |||
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Common questions about Impossible Foods
| When was Impossible Foods founded? | Impossible Foods was founded in 2011. |
| Where is Impossible Foods headquartered? | Impossible Foods is headquartered in San Francisco, CA, United States. |
| Is Impossible Foods publicly listed? | No, Impossible Foods is a private, VC-backed company. |
| What is Impossible Foods' valuation? | Impossible Foods was last valued at $7B in its Series H in November 2021. |
| How much funding has Impossible Foods raised? | Impossible Foods has raised $1.9B across 10 funding rounds. |
| What was Impossible Foods' last funding round? | Impossible Foods' last funding round was a $500M Series H in November 2021, led by Mirae Asset. |
| Who are Impossible Foods' investors? | Impossible Foods' investors include Khosla Ventures, Temasek, Horizons Ventures, Mirae Asset, Bill Gates, Next Play Capital, XN, Meros Equity Global Management, Li Ka-shing, Unanimous Capital and 13 others. |
| What is Impossible Foods' revenue? | Impossible Foods' latest recorded revenue is $460M (November 2021). |
| What is Impossible Foods' revenue multiple? | Impossible Foods' latest valuation implies a 15.2x revenue multiple ($7B valuation on $460M of revenue). |
| Which companies are comparable to Impossible Foods? | Companies comparable to Impossible Foods include Ingredion, Hebei Yangyuan Zhihui, Believer Meats, Marfrig, NotCo and a2 Milk. |
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