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Thursday 30 June 2022

Impossible Foods lines up Aus, NZ entry

16th April 2021 By Bridget O'Connell | | @foodtickernz

Hot on the heels of its entry in the Asian retail market, Impossible Foods is preparing to enter Australia and New Zealand with its plant-based meat products.

The fast-growing US company is recruiting for a number of Oceania positions via LinkedIn including general manager Australia and New Zealand, as well as senior sales and marketing manager positions for the region.

Impossible Foods’ entry into the Asian market saw its meat substitute first appear on restaurant menus in 2018.

In October last year it followed this up by introducing its flagship faux beef burgers in about 200 supermarkets in Hong Kong and Singapore.

It was the first time the product had been available for retail consumers outside of the company’s home market of the US where it has gone from strength-to-strength in the pandemic.

After debuting its plant-based burger in a New York restaurant dining room in July 2016, it had expanded its foodservice channels across the country.

But when the pandemic saw eateries shut, the company quickly accelerated its retail sales outlets, which had grown from around 150 grocery stores at the start of 2020, to reportedly more than 20,000 US stores this month.

It also had a successful fundraising year, banking a total of US$700m in new investments last year, alongside its entry in the Asian market, which it would be looking to replicate in Australia and New Zealand.

The job description for the Australia/New Zealand GM notes that the successful candidate would be “responsible for driving sales of Impossible Foods products in the in food service (restaurants, non-commercial) and retail.”

The would also be required to “work with the teams in Asia and the US to make sure all sales teams are aligned on key customers.”

The news of an Australian and New Zealand launch comes as Reuters reported that the plant-based food giant was preparing a public listing in the US that could see it valued at $10bn or more.

Reuters said: “This would be substantially more than the $4bn the company was worth in a private funding round in 2020. It would highlight growing demand for plant-based meat products, driven by environmental and ethical concerns among consumers.”

It added that the company, which was headquartered in California, was exploring going public through an initial public offering (IPO) in the next 12 months or a merger with a so-called special purpose acquisition company (SPAC), according to people familiar with the matter.

Impossible Foods has not confirmed the IPO speculation, declining to comment on the Reuters story.



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