Apr 3, 2018

Impossible Foods raises $114 million to create more plant-based meat

Impossible Burger patties. Photo: Impossible Foods

Impossible Foods, a company developing a plant-based meat alternative and known for its burgers, has raised $114 million in a convertible note led by Singapore's Temasek and Sailing Capital.

Why it matters: There's a growing interest in plant-based alternatives to animal foods, and companies like Impossible Foods, Just, and others have been racing to meet that need.

Impossible Foods would like to some day offer not just ground meat, but alternatives to fish, chicken, steak, eggs and cheese. The company raised $75 million last year via a convertible note.

How it works: Impossible makes its burger "meat" from something called soy leghemoglobin, produced from genetically modified yeast and a fermentation process. "Our scientists spent so much time and effort studying a single molecule -- heme -- because heme is what makes meat taste like meat," Impossible Foods CEO and Founder Patrick Brown said in a statement.

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#MeToo gets Weinstein

A man carries out Weinstein's walker. Photo: Johannes Eisele/AFP/Getty Images

Hollywood titan Harvey Weinstein is now a convicted rapist, two years and four months after accusations against him helped ignite the #MeToo movement.

Why it matters: To date, #MeToo has resulted in hundreds of powerful men losing their jobs. Seven have been criminally convicted, with four others still facing charges.

JPMorgan Chase to pull support for some fossil fuels

Illustration: Sarah Grillo/Axios

JPMorgan Chase said Monday that it won’t directly finance new oil and gas development in the Arctic and will significantly curtail its financing of the extraction and burning of coal.

Why it matters: JPMorgan is the world’s largest funder of fossil-fuel companies, according to a report by the Rainforest Action Network (RAN). The announcement follows similar moves by other big banks and investment firms, including Goldman Sachs and BlackRock.