Impossible Foods Inc. is gearing up for an IPO 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 TV ad campaign, is chewing on going public, either through a traditional IPO or a so-called special purpose acquisition firm (SPAC), according to a Reuters report Thursday, citing no named people familiar with the matter.
A $ 10 billion IPO would significantly jeopardize the $ 4 billion the company was worth in a private round of financing in 2020. Impossible Foods backers – including venture capital investors Khosla Ventures and Horizons Ventures, and celebrities Serena Williams and Jay-Z – raised $ 1.5 billion in the private market.
Impossible Foods declined comment.
The company has fought fiercely with rival Beyond Meat Inc. BYND,
notable partnerships with major retailers and supermarkets, as well as product development efforts with McDonald’s Corp. among others. MCD,
and Restaurant Brands International Inc. QSR,
amid changing consumer eating habits and environmental concerns about the beef industry.