Briefing

Impossible Foods raises US$500 million

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The funding for the Redwood City, Calif.-based company, which makes plant-based protein products, brings its total financing to US$1.3 billion. Investors in the round included Khosla Ventures, Horizons Ventures and Temasek, as well as celebrities like Mindy Kaling and Peter Jackson. (TechCrunch)

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Talking point: The massive raise suggests that some venture capitalists were still willing to cut big cheques as recently as late last week, when the round closed, despite a rapidly evolving economic environment. The boost could help Impossible Foods deal with any manufacturing or retail setbacks due to the coronavirus pandemic. It also gives it an edge over Beyond Meat, its publicly held rival. That El Segundo, Calif.-based firm, which went public in May, saw its stock jump to US$129.18 in January, before dropping to a low of US$61.39 on Monday amid the ongoing public-market selloff.