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Impossible Foods

Impossible Foods, the Bay Area startup aiming to replace meat with its now-patented plant-based substitute, plans to announce Tuesday that it has raised $75 million in new funding, in the form of a convertible note. The lead investor is Singapore-based investment company Temasek, with Bill Gates, the Open Philanthropy Project, Khosla Ventures and Horizon Ventures also participating.

The move comes as the company is expanding from gourmet restaurants into fast casual burger joints, including last week's addition of Bay Area chain Gott's.

Why it matters: The company would like to some day offer not just ground meat, but alternatives to fish, chicken, steak, eggs and cheese. And that will take some serious cash.

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.

Go deeper

Updated 30 mins ago - Politics & Policy

Suspect in FedEx shooting identified as 19-year-old former employee Brandon Hole

Crime scene investigators walk through the FedEx parking lot in Indianapolis the day after a mass shooting left nine dead, including the gunman, who took his own life. Photo: Jeff Dean/AFP via Getty Images.

The suspected gunman who killed at least eight people and wounded several others in Indianapolis before killing himself has been identified by local police as 19-year-old Brandon Hole, a former FedEx employee, a company spokesperson told the AP.

The latest: At least 100 people were in the FedEx warehouse at the time of the shooting, authorities said Friday. Indianapolis Metropolitan Police Department Deputy Chief Craig McCartt told reporters that Hole worked at FedEx through 2020. He did not specify the circumstances of Hole’s departure.

The legacy of Bernie Madoff

Bernie Madoff, architect of the largest Ponzi scheme in American history, died on Wednesday in federal prison, 11 years into his 150-year sentence.

Axios Re:Cap digs into Madoff’s crimes, what they revealed about America's financial system and what changed after the scheme came crashing down with Diana B. Henriques, author of the The Wizard of Lies: Bernie Madoff and the Death of Trust.

Updated 3 hours ago - World

Russia to expel 10 U.S diplomats, ban top Biden officials in response to sanctions

Photo: Alexei Druzhinin\TASS via Getty Images

Russia will expel 10 U.S. diplomats and add eight current and former U.S. officials to its no-entry list in retaliation for sanctions that the Biden administration leveled at Moscow on Friday, Russian foreign minister Sergey Lavrov said Friday.

Why it matters: The measures come after the U.S. said it would expel 10 Russian intelligence officers operating under diplomatic cover, as part of a broad package of sanctions retaliating against the SolarWinds hack of federal agencies and Russia's interference in the 2020 election.

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