November 22, 2024

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South Korea’s Mirae Asset Financial Group has invested some $150 million in Impossible Foods, a US-based startup that produces meat alternatives, according to reports Monday.

Mirae Asset, along with several financial investors, participated in the latest funding round,” an investment banking source was quoted as saying by Financial News. “Mirae Asset was the only Korean firm and appears to be paying attention to the fast-growing meat alternative market.”

Impossible Burger. (Impossible Foods)

Founded in 2011 by Patrick Brown, a former biochemistry professor emeritus at Stanford University, the firm produces plant-based meat patties for burgers. It has so far raised more than $750 million in funding, with its valuation standing at approximately $2 billion. Among its prominent investors are Microsoft co-founder Bill Gates, Hong Kong property tycoon Li-Ka Shing, and singer Katy Perry.

The food company’s signature burger Impossible Burger, made of plant-based patties, are sold at 7,000 restaurants and stores around the world.

The meat-substitute market is expected to grow from $4.2 billion in 2017 to $7.5 billion in 2025, according to market research firm Allied Market Research. Global food giants, such as Nestle, Cargill and Tyson Foods, and also domestic food conglomerates such as CJ Cheiljedang and Lotte Food have been competitively jumping in the segment.

By Kim Young-won (wone0102@heraldcorp.com)