Impossible Foods is one of the world's leading plant-based meat companies, having raised over $1.5bn.
Business overview
| Location | Redwood City, United States |
|---|---|
| Social media | |
| Website | impossiblefoods.com |
| Sectors | Food & Beverage Non-Digital B2C |
| Company number | 0001580614 |
| Incorporation date | 7 Nov 2011 |
Investment summary
Business highlights
- Over $1.51 billion raised to date.
- Products sold in US, Canada, Asia and Middle East.
- Produces meat-free, plant-based beef, pork and chicken.
- Shares available in UK-exclusive Secondary Share Sale.
Learn more about secondary campaigns.
Secondary Share Sale
Important Note
This Secondary Share Sale offer is made to investors without the involvement of Impossible Foods in preparing the pitch materials. Accordingly, all of the information contained in this pitch is publicly available and sourced either from Impossible Foods’ website or from PitchBook. Seedrs has not verified any of the information set out in this pitch, and all investors must complete their own due diligence prior to making an investment decision.
About Impossible Foods
Impossible Foods makes meat, dairy, and fish from plants. Their mission is to make the global food system truly sustainable by eliminating the need to make food from animals. Why? Animal agriculture uses a tremendous amount of the world's natural resources.
In 2016, Impossible Foods launched its first product, the Impossible™ Burger. It's delicious, nutritious, and made using only a small fraction of the land, water and energy required to make meat from a cow.
Impossible Foods' first large-scale food manufacturing site is located in Oakland, California. The business is also partnered with a co-manufacturer, OSI, which provides additional manufacturing capacity for the award-winning Impossible Burger and Impossible Sausage.
The business was founded in 2011 by Dr Patrick O. Brown, and now employs over 850 people around the world. It sells products in the US, Canada, Hong Kong, Macau, Singapore, and recently announced its launch into the Middle East.
About this Secondary Share Sale
This Secondary Share Sale is a result of two angel investors in a previous primary funding round for Impossible Foods wishing to realise some liquidity, having now seen a reasonable return on investment. The sellers are seeking to draw down on part of their holding, while maintaining some exposure to any potential future liquidity event (such as a trade sale or IPO).
This offering is priced at $35 per share (£26.04), an implied valuation of ~$9.1bn(~£6.77bn). The seller has recently closed a similar sale for $2.5m worth of shares on a US-based platform at a share price of $44.61.
Funding History
To date, Impossible Foods is estimated by PitchBook to have raised over $1.5bn in total funding, including over $1.37bn in equity funding, from a number of leading venture capital firms, angel investors and well-known high-net-worth individuals.
In addition to the publicly recorded previous funding rounds, Bloomberg reported that Impossible Foods is currently in the process of raising a new round at an increased valuation (see https://www.bloomberg.com/news/articles/2021-10...), although the company declined to comment on this.
Valuation History
The valuations presented in this pitch have been sourced from PitchBook, and represent approximations based on PitchBook’s independent research.
Key Information
Important note
This investment opportunity represents a new type of deal available on Seedrs, exclusively on Private Deal Room.
As a result, there are some differences to how this pitch has been presented, and how the investment will be administered going forward, as compared to the crowdfunding product many investors will be familiar with.
This offer is available only to eligible sophisticated and high-net-worth investors due to the limited company information provided, and all investors must conduct their own due diligence before making an investment.
The following links, and data available in the Documents tab, provide resources that investors may find useful in conducting their due diligence:
Impossible Foods website - https://impossiblefoods.com/
PitchBook - https://pitchbook.com/
Bloomberg - https://www.bloomberg.com/profile/company/12495...
No involvement by Impossible Foods
This share sale is occurring on a secondary basis, without the involvement of Impossible Foods. As such, all information contained in this pitch has been sourced by Seedrs from Impossible Foods’ website and the PitchBook platform.
None of the information has been provided directly by Impossible Foods, nor been verified by Seedrs.
Seedrs is in contact with Impossible Foods regarding the transfer of shares from the selling shareholders to Seedrs. The transfer remains subject to further documentation being executed which will only occur on the closing of the campaign. If any of the required documentation is not completed, we will cancel the campaign and return funds to investors.
Post-investment administration on Seedrs
Given that Impossible Foods did not initiate this Secondary Share Sale, the company will not have an ongoing direct relationship with Seedrs aside from Seedrs’ role as a minority shareholder. As a result, some post-investment features will be limited or unavailable. Specifically:
Secondary Market - Seedrs is looking to allow trading of shares purchased as part of this Secondary Share Sale on the Secondary Market, however (i) transferability remains subject to US legal & tax review which is ongoing; and (ii) we will only permit trading amongst investors who invest in this campaign. Therefore, access to liquidity on the Secondary Market may be limited.
Valuation monitoring - Seedrs Portfolio Valuation Policy operates on a “fair value” basis, which marks valuation changes to the most recent price at which a fundraising event occurs. As Impossible Foods does not publicly comment on its valuation, “fair value” price changes for Impossible Foods shares going forward will be based upon PitchBook’s estimates, as in this pitch.
Post-investment updates and discussion - all investors will have access to an Impossible Foods post-investment page, where they will be able to discuss Impossible Foods with other investors. However, as there is no direct involvement in this sale by Impossible Foods, investors will not receive updates or any engagement in discussions from the company following completion of the Secondary Share Sale.
Shareholder rights
The shares being sold as part of this campaign are Series E-1 Preferred shares. Investors will receive the same standard rights that other Series E-1 Preferred Shareholders hold. The rights attaching to the various share classes are set out in full in the Company’s Certificate of Incorporation, a copy of which is attached in the “Documents” section of the Campaign. All investors should review this document carefully. On an election of the majority of Series E-1 Preferred Shareholders or an IPO, the Series E-1 Preferred Shares will be converted into a common share class.
Please note that investors will not receive many of the rights that are commonly included in Seedrs investments, such as (i) receiving updates from the Company via the Seedrs platform; or (ii) pre-emption rights on future funding rounds.
FX Rate
Due to Impossible Foods being a US-based company, financial information, such as valuation and share price is reported on in USD.
As Seedrs only processes investment in GBP and EUR, a conversion has been applied to the valuation and share price presented to investors at a rate of 0.7439 USDGBP, as at 17 November 2021.
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