Impossible Foods has raised $500 million in a funding round led by Mirae Asset Global Investments as alternative protein makers race to grab market share.

Companies creating bio-engineered foods—which includes plant-based, cultivated and fermented proteins—have raised $5.2 billion in global VC funding this year, a 68% increase over 2020's total.

Impossible Foods' round, the largest of any alternative protein maker this year, follows the launch of several new products, including meatballs, sausages and chicken nuggets. The California company had been seeking a $7 billion valuation in the round, Bloomberg reported last month, but it did not disclose a final valuation.

Beyond Meat, the segment's publicly traded bellwether and Impossible Foods' chief rival, has a market capitalization of about $4.7 billion following weak third-quarter results. Beyond Meat is slated to launch a partnership with McDonald's next year to counter Impossible Foods' plant-based tie-up with Burger King.

Related read: Lab-grown protein is cultivating investor interest

Featured image courtesy of Impossible Foods

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