The new cash brings the total to nearly $400 million in financing behind the plant-based, “bleeds like meat” brand.
Though financial terms of the deal were not disclosed, Jerry Bello, managing partner at Keen, told BevNET that the investment is structured as a long-term play that includes an immediate infusion of working capital in addition to future tranches.
Today, Impossible launched a new sales channel with DOT Foods, America’s largest food redistributor, to gets its burgers in more restaurants nationally. On Monday, Beyond Meat announced its first venture beyond burgers with Beyond Sausage.
The DOT partnership gives Impossible Foods a national sales network and allows more restaurateurs to order the award-winning Impossible Burger. Mt. Sterling, Ill.-based DOT has nine distribution centers serving all 50 states, with deliveries of the Impossible Burger starting January 2, 2018 nationwide.
While the plant-based food’s fastest growing category remains plant-based dairy alternatives — 20 percent growth and over $700 million in sales in the past year — plant-based meat is also gaining a lot of traction– especially with refrigerated “meats.”
Impossible Foods today announced that it has officially begun production of its plant-based patties in its new 68,000 square-foot Oakland, California-based facility. The company said the plant, which was announced earlier this year, will give the brand the ability to scale and eventually expand into retail.
At the 2017 Sweets and Snacks Expo this week in Chicago, Illinois legume-based snacking brand HIPPEAS booth was pulsing with excitement – both due to the brand’s popularity in retail, but also thanks to the announcement that Strand Equity Partners and Academy Award-winning actor Leonardo DiCaprio have joined as investors.
Longtime bottling and sales executive Chuck Muth announced his retirement from Coke in 2016, but apparently he couldn’t retire from Seth Goldman, his former boss at Honest Tea. The visionary environmental entrepreneur and the execution-focused beverage guy are reuniting, this time around Beyond Meat, the plant-based protein brand where Goldman serves as executive chairman.
Today dairy processor and distributor Dean Foods announced a minority investment in Boulder, Colorado based Good Karma, a producer of flaxseed-based, dairy alternative food and beverage products. Originally a private label manufacturer of dairy-alternative milks, Good Karma developed its own branded CPG line in 2014 and expanded beyond beverages to yogurt in late 2016.
Plant-based products are one of the hottest trends in food and beverage, and investors have taken note. Last week, several funds and venture capital firms came together to back Nutriati, a food technology company whose first products are a chickpea flour and chickpea protein concentrate.