Mar 16, 2020 - Economy & Business

Plant-based meats maker Impossible Foods raises $500 million in new funding

Illustration: Aïda Amer/Axios

Impossible Foods, a Redwood City, California-based maker of plant-based protein products, raised $500 million in Series F funding led by Mirae Asset Global Investments.

Why it matters: This massive round closed last week. Not only is that notable in our new abnormal, confirming what we heard last week about venture capital willingness to cut checks, but it also should help Impossible handle short-term business disruptions.

  • Investors in the round included celebrities like Mindy Kaling and Peter Jackson, and existing shareholders like Horizons Ventures, Khosla Ventures and Temasek.

The bottom line: "Plant-based meat and lab grown meat companies have been gaining traction with many consumers becoming more aware of the environmental impact of industrial husbandry. Rival Beyond Meat is trading at three times its initial public offering price in May and worth around $4.5 billion even after the recent market rout," per Reuters' Jane Lanhee Lee.

Go deeper: The next frontier for plant-based meat

Go deeper

The environmental impact of Fluffy and Rover

Illustration: Sarah Grillo/Axios

The 163 million dogs and cats in the U.S. ate one-quarter of the 94.3 billion pounds of meat the country produced in 2015, or as much as 62 million Americans did, according to estimates by UCLA professor Gregory Okin.

Why it matters: Raising that meat generated greenhouse gas emissions equivalent to 64 million tons of carbon dioxide, or as much as the yearly emissions of 12.3 million passenger vehicles. U.S. pet ownership has increased since 2015 when the pet census was taken and Okin made his calculations. As the number of pets has increased, so have emissions.

Notes app Notion raises money at $2 billion valuation

Photo: Courtesy of Notion

Notion, a San Francisco-based startup that’s developed a cult following for its cloud-based collaboration tool, raised $50 million in new funding at a $2 billion valuation.

Why it matters: The entire round happened after the coronavirus pandemic spread to the U.S.

Scoop: The Recount raises $13 million in Series A round

The Recount co-founders John Heilemann (left) and John Battelle (right). Photo: The Recount.

Recount Media, a short-form political video startup created by veteran journalists John Battelle and John Heilemann, has raised $13 million its Series A funding round, executives tell Axios.

Why it matters: The round includes strategic media companies as partners, instead of just financial investors. "It's better to have big companies looking out for us and rooting for us than a bunch of purely financial investors around the table," Battelle tells Axios.