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Mirae Asset Invests US$150 Mil. in U.S. 'Alternative Meat' Startup
A Producer of Plant-based Meat Substitutes
Mirae Asset Invests US$150 Mil. in U.S. 'Alternative Meat' Startup
  • By Yoon Young-sil
  • March 16, 2020, 11:46
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Mirae Asset Financial Group has invested US$150 million in Impossible Foods, a U.S. startup producing althernative meats.

Mirae Asset Financial Group has invested US$150 million in a U.S. startup specializing in plant-based substitutes for meat products.

Mirae Asset Management PE has signed a stock purchase agreement (SPA) to invest US$150 million in Impossible Foods, which has drawn attention from investors with an interest in well-being by developing vegetable hamburger patties.

Impossible Foods’ vegetable patty manufacturing technology was selected as one of the top five CES technologies of the year at CES, the world's largest electronics exhibition held earlier this year. In particular, Microsoft founder Bill Gates, Li Ka-shing, chairman of Cheng Kung Group in Hong Kong, decided to invest in the company, enhancing the company’s reputation.

The company has so far attracted more than US$750 million (approximately 90.5 billion won) from investors. It will have an IPO in the near future.