On Friday, California-based vegan brand Beyond Meat filed for an initial public offering (IPO) with the United States Securities and Exchange Commission. The company—known best for its innovative Beyond Burger—intends to sell an estimated $100 million in stocks on the National Association of Securities Dealers Automated Quotations (NASDAQ) exchange under the symbol “BYND.” In its filing, Beyond Meat revealed that demand for its plant-based meat products has skyrocketed in the nine years since it launched. From 2015 to 2017, the company’s net revenue increased from $8.8 million to 32.6 million—at a compounded annual growth rate of 92 percent. In the nine months ending on September 28, 2018, the company’s net revenue increased by 167 percent to $56.4 million. Beyond Meat reported losses due to its investment in innovation such as its Manhattan Beach Project Innovation Center, where it intends to develop new plant-based replacements for animal products. In 2016, Beyond Meat launched its Beyond Burger at one Whole Foods Market in Colorado and has since expanded its distribution to 32,000 retailers and restaurants worldwide. Last week, Time magazine named the company’s Beyond Sausage as one of its most innovative products of 2018.
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