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Tag: Impossible Foods

  • Impossible Foods May Lay Off 20% of Its Workforce

    Impossible Foods May Lay Off 20% of Its Workforce

    Impossible Foods may be poised for a second round of layoffs, with a report putting the number at 20%.

    Impossible Foods makes plant-based “meats.” It’s product is sold in stores and used in Burger King’s Impossible Whopper, as well as other fast-food meals. Despite its success, the company appears to be on the verge of additional layoffs.

    According to Bloomberg, via TechCrunch, the company is planning to let roughly 20% of its workforce go. With a total of 700 employees, this would impact more than 100 workers.

    Impossible Foods already let 6% of its staff go in October, well before some of the biggest layoffs in the tech industry. The most recent report is somewhat surprising since Impossible Foods appears to be doing well financially, with strong sales, positive growth, and good cash flow.

  • Impossible Foods Preparing to Go Public

    Impossible Foods is preparing to go public, amid growing demand for plant-based meat alternatives.

    Impossible Foods is one of the premier makers of plant-based meat, and has struck deals with major restaurant chains and grocery stores. Most notably, Burger King has the Impossible Whopper, using the company’s product.

    According to Reuters, sources have said Impossible Foods is preparing to go public, with a valuation of $10 billion. This is significantly more than the $4 billion the company was valued at in 2020, indicating the increased demand.

    The company is exploring an initial public offering (IPO), as well as a merger with a special purpose acquisition company (SPAC). Merging with a SPAC is popular way for a company to go public without as much regulatory scrutiny. It also provides a greater degree of certainty over the valuation process.

    Impossible Foods did not return Reuters request for comment.

  • KFC Will Begin Testing Chicken Nuggets Made With 3D Bioprinting

    KFC Will Begin Testing Chicken Nuggets Made With 3D Bioprinting

    KFC has announced it will begin using 3D bioprinting technology to create lab-grown chicken nuggets this fall in Russia.

    Alternatives to traditional meat have been gaining popularity as consumers look for environmentally friendly alternatives. Impossible Foods and Beyond Meat are two companies that specialize in plant-based meat alternatives. In both cases, these products are designed to mimic the look, texture and taste of the real thing.

    KFC is going in a slightly different direction, with plans “to create the world’s first laboratory-produced chicken nuggets” using plant material, chicken cells and bioprinting technology. KFC will give its partner, 3D Bioprinting Solutions, all the necessary ingredients to perfectly duplicate the restaurant’s signature chicken nuggets. The end result is a product that is reportedly cleaner, has minimal impact on the environment and does not harm animals.

    “At KFC, we are closely monitoring all of the latest trends and innovations and doing our best to keep up with the times by introducing advanced technologies to our restaurant networks. Crafted meat products are the next step in the development of our ‘restaurant of the future’ concept. Our experiment in testing 3D bioprinting technology to create chicken products can also help address several looming global problems. We are glad to contribute to its development and are working to make it available to thousands of people in Russia and, if possible, around the world,” said Raisa Polyakova, General Manager of KFC Russia & CIS.

    “3D bioprinting technologies, initially widely recognized in medicine, are nowadays gaining popularity in producing foods such as meat. In the future, the rapid development of such technologies will allow us to make 3D-printed meat products more accessible and we are hoping that the technology created as a result of our cooperation with KFC will help accelerate the launch of cell-based meat products on the market,” said Yusef Khesuani, co-founder and Managing Partner of 3D Bioprinting Solutions.

    While KFC’s announcement is fascinating, from a technological point of view, it remains to be seen how many customers will buy into ‘printed chicken.’

  • CES 2020: Impossible Foods Is Taking On Pork

    CES 2020: Impossible Foods Is Taking On Pork

    It was bound to happen. With the success of Impossible Burger, Impossible Foods has moved on to the next logical meat replacement products: Impossible Sausage and Impossible Pork.

    According to Business Insider, “Impossible Foods will be testing its first sausage product at 139 Burger King restaurants at the end of the month, located in Savannah, Georgia; Lansing, Michigan; Springfield, Illinois; Albuquerque, New Mexico; and Montgomery, Alabama. Those restaurants will be getting the Impossible Croissan’wich, a sandwich that consists of egg, cheese, and Impossible Sausage on a toasted croissant.”

    Although not yet available, the company’s Impossible Pork is designed to be used in any recipe that calls for ground pork. Like Impossible Burger, the new product is made using heme, the protein that gives the patties their meat-like look and texture.

    Rachel Konrad, Impossible Foods chief communications officer told Business Insider the heme in Impossible Pork has been tweaked to make it more consistent with pork’s texture. Konrad also said Impossible Pork will likely show up in restaurants before it hits grocery shelves, just like Impossible Burgerbefore it.

    The company is working on steaks, and may branch into fish and poultry. If the company is as successful as it has been with beef, it may well convert far more people to the plant-based food.