Beyond Meat files for IPO
Beyond Meat, one of a growing number of companies developing plant-based meat alternatives, has filed with the SEC to go public.
Why it matters: With growing environmental and health concerns, companies like Beyond Meat, along with Impossible Foods, Just Foods and others, have garnered attention and customers in recent years.
By the numbers: Beyond Meat is still unprofitable. For the first nine months of 2018, the company had a net loss of $22.43 million on $56.42 million. For the same period in 2017, it had a $23.38 million loss on $21.13 million in revenue.
- For all of 2017, it had a $30.38 million loss on $32.58 million in revenue.
- To date, the company has raised more than $140 million in funding, most recently a $55 million round last year.
- Its backers include Kleiner Perkins, Tysons Food's investment arm, former General Electric CEO Jack Welch, and actors Thomas Middleditch and Leonardo DiCaprio, according to Pitchbook.
- The company will list its shares on the Nasdaq under the ticker symbol "BYND."
Editor's note: This story has been corrected to reflect the fact that Beyond Meat lost money in 2017 rather than earning a profit.