Meat-free specialist Impossible Foods Inc heads down SPAC route towards US$10bn

Impossible Foods Inc is lining up an IPO that value the plant-based ‘meat’ maker at mover than US$10bn or more than double the value implied in a funding round last year.

According to Reuters, the company is in talks are with a special purpose acquisitions company or SPAC after receiving several offers and that would see a coming together of two of the market’s hottest trends.

Impossible Foods has a star-studded shareholder base including tennis star Serena Williams, rapper Kay-Z alongside numerous venture capital groups.

The group has raised $1.5bn through private fundraisings since its launch in 2011 and following which it has blazed a trail for plant-derived burgers and sausages.

Meat-free products sales have rocketed over this period and the market was worth US$7bn in 2020 but is tipped to double or even treble within this decade.

Shares of rival have risen in value by more than 400% since it listed in 2019.