Impossible Foods Raises Another $300 Million With Celebrity Investments

In the midst of struggling to keep up with skyrocketing demand, Impossible Foods has raised another $300 million for its plant-based meat alternative product—which included checks written by celebrity investors Jay-Z, Katy Perry, Serena Williams, Jaden Smith, Trevor Noah and Zedd, according to CNN. This brings the total raised by Impossible Foods to more than $750 million.

CNN notes that Impossible plans to hire more than 50 new employees, nearly doubling its 70 full-time workers in Oakland, California. Impossible Foods CFO David Lee reportedly told CNN that the company is also looking to open more facilities.

"We are so small today that, until we reach a sizable portion of the overall market, I think we're going to be growing to meet this scorching demand that we're seeing today," CNN quotes Lee, adding that for the foreseeable future Impossible is "going to be hard at work raising capital.”

A-list celebrity backing illustrates the rising popularity of healthy eating and meatless alternatives among everyday Americans. After Impossible competitor Beyond Meat announced that it plans to raise $183.8 million through its IPO, the company made its debut earlier this month with shares soaring 135% and raising its market value to $3.52 billion.

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Image Source: Impossible Foods