This week, plant-based company Impossible Foods announced that it has raised $500 million in a series F funding round. Founded in 2011, the company’s flagship product, the Impossible Burger, is available at major chains such as Burger King, White Castle, Red Robin, and will soon launch across Disney properties. Earlier this year, the company unveiled Impossible Pork and is currently working to create other innovative replacements for animal-based foods. “Our mission is to replace the world’s most destructive technology—the use of animals in food production—by 2035,” Impossible Foods CEO and Founder Patrick O. Brown, M.D., Ph.D., said. “To do that, we need to double production every year, on average, for 15 years and double down on research and innovation. The market has its ups and downs, but the global demand for food is always there, and the urgency of our mission only grows. Our investors not only believe in our mission, but they also recognize an extraordinary opportunity to invest in the platform that will transform the global food system.” In order to further compete with meat, Impossible Foods recently reduced the wholesale price of its plant-based meat by 15 percent. Last year, the company raised $300 million from a large group of investors—including celebrities Serena Williams, Jay-Z, and Katy Perry—and with its new investment, has thus far raised nearly $1.3 billion to fund its mission.

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