Food-technology company Impossible Foods announced this week that it raised $114 million in convertible-note financing. Two international investment firms participated in the round—Singapore-based Temasek and Shanghai- and Hong-Kong-based Sailing Capital—bringing the total venture capital raised by Impossible Foods since its debut to $396 million, which includes backing by billionaire Bill Gates. Impossible Foods CEO Patrick Brown plans to use the new capital to expand the distribution of its plant-based Impossible Burger globally. “Our world-class investors enable us to ramp-up rapidly and accomplish our urgent mission,” Brown said. “We are proud of the progress we’ve made, but, frankly, there are still millions of restaurants and billions of people who want meat. We won’t stop until the global food system is truly sustainable.” The company debuted the Impossible Burger in 2016 and has expanded its distribution to more than 1,000 restaurants nationwide. In December, Impossible Foods announced that it would debut in Asia by the end of the year and is currently developing plant-based alternatives to chicken, lamb, eggs, and seafood with the mission of replacing all food-animals by 2035.
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