Impossible Foods, buoyed by the impending nationwide rollout of its meatless burgers at Burger King, has raised $300 million in its latest round of funding.
The money raises its total funding to about $750 million. The latest round of funding was led by investment firms Temasek Holdings and Horizon Ventures. Individual investors include celebrities Katy Perry, Serena Williams, Bill Gates and Jay-Z.
Impossible Foods is pressing to keep up with current demand, especially the impending nationwide introduction of the Impossible Burger to more than 7,000 Burger King restaurants. The company is adding a production shift at its Oakland, Calif., facility, partnering with co-packers, and looking at locations for additional production facilities.
Impossible’s chief rival, Beyond Meat, recently had a successful IPO. Impossible is distinguished by its use of heme, an iron-rich compound fermented by genetically engineered yeast that contributes to its meat-mimicking flavor.