Impossible Foods Inc. is preparing for an initial public offering that could value the plant-based burger maker at around $ 10 billion over the next year. The Silicon Valley-based company, which just launched its first national television ad campaign, is chewing on the IPO, either through a traditional initial public offering or a so-called special purpose acquisition company (SPAC), according to a Reuters report on Thursday, citing anonymous people. familiar with the matter.
A $ 10 billion IPO would substantially dwarf the company’s $ 4 billion in a private funding round in 2020. Impossible Foods backers, which include venture capital investors Khosla Ventures and Horizons Ventures, and Celebrities Serena Williams and Jay-Z, have raised $ 1.5 billion in the private market. Impossible Foods declined to comment. The company has been in a fierce duel with rival Beyond Meat Inc. BYND, + 3.52%, establishing partnerships with major retailers and grocery stores, as well as product development efforts with companies like McDonald’s Corp. MCD, -1.01% and Restaurant Brands. International Inc. QSR, -0.26% amid changing consumer eating habits and environmental concerns about the beef industry.