SAN FRANCISCO (Reuters) - Impossible Foods, a maker of plant-based burgers engineered to taste like meat, has secured $75 million of funding, the Silicon Valley-based company said.
Singapore investment firm Temasek led the company’s fifth funding round, announced on Tuesday, which brought the total raised since its founding to $257 million. Open Philanthropy Project, Bill Gates, Khosla Ventures and Horizon Ventures also contributed to the round.
A handful of startups and established food processing companies are developing meat alternatives to meet growing demand. Impossible Foods makes burger patties primarily from wheat and potato protein and coconut fat, which are served in 40 restaurants, primarily in California, Texas and New York.
The Redwood City-based company will shift most of its production from a facility in Rutgers, New Jersey to Oakland, California this fall, Chief Operating Officer David Lee said on a phone call.
Reporting by Marc Vartabedian; Editing by Richard Chang
Our Standards: The Thomson Reuters Trust Principles.