Starbucks launches Impossible Foods Breakfast Sandwich as appetite for plant-based meat grows
, makes meat, dairy and fish products from its patented plant-based ingredients that have been backed by celebrities like Katy Perry and Serena Williams, but Impossible Foods CFO David Lee told CNBC it's trying to position itself away from the plant-based movement so often associated with a niche food industry.
Lee said 9 out of 10 Impossible buyers are traditional meat eaters, bolstered by recent events like the meat shortages from the Covid-19 pandemic and a recent expansion into 1,000 grocery stores. It also boasted a fresh round of $500 million, making its valuation at approximately $1.3 billion. While the restaurant business has been hurt, it hasn't been as bad as the restaurant industry overall, Impossible Foods said. It also began a direct-to-consumer channel, for direct shipment amid the pandemic.
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