Posted in Beyond Meat, Investing, Net News

Where’s the beef? For Impossible Foods it’s in boosting burger sales and raising hundreds of millions

Where’s the beef?

For Impossible Foods it’s in boosting burger sales and raising hundreds of millions

Jonathan Shieber,TechCrunch Tue, Apr 3 5:38 PM EDT

Any company that’s looking to replace the more than 5 billion pounds of ground beef making its way onto tables in the U.S. every year with a meatless substitute is going to need a lot of cash.

It’s a big vision with lots of implications for the world — from climate change and human health to challenging the massive, multi-billion dollar industries that depend on meat — and luckily for Impossible Foods (one of the many companies looking to supplant the meat business globally), the company has managed to attract big-name investors with incredibly deep pockets to fund its meatless mission.

In the seven years since the company raised its first $7 million investment from Khosla Ventures, Impossible Foods has managed to amass another $389 million in financing — most recently in the form of a convertible note from the Singaporean global investment powerhouse Temasek (which is backed by the Singaporean government) and the Chinese investment fund Sailing Capital (a state-owned investment fund backed by the Communist Party-owned Chinese financial services firm, Shanghai International Group).

“Part of the reason why we did this as a convertible note is that we knew we would increase our valuation with the launch of our business,” says David Lee, Impossible Foods chief operating officer. “We closed $114 million in the last 18 months.” The company raised its last equity round of $108 million in September 2015.

Lee declined to comment on the company’s path to profitability, valuation or revenues.

Impossible began selling its meat substitute back in 2016 with a series of launches at some of America’s fanciest restaurants in conjunction with the country’s most celebrated young chefs.David Chang (of Momofuku fame in New York) and Traci Des Jardins of Jardiniére and Chris Cosentino of Cockscomb signed on in San Francisco, as well as Tal Ronnen of Crossroads in Los Angeles.”When we launched a year ago, we were producing out of a pilot facility,” says Impossible co-founder Pat Brown. [Now] we have a full-fledged production facility producing 2.5 million pounds per month at the end of the year.”

The new facility, which opened in Oakland last year, has its work cut out for it. Impossible has plans to expand to Asia this year and is now selling its meat in more than 1,000 restaurants around the U.S.Some would argue that the meat substitute has found its legs in the fast-casual restaurant chains that now dot the country, serving up mass-marketed, higher price point gourmet burgers. Restaurants including FatBurger, Umami Burger, Hopdoddy, The Counter, Gott’s and B Spot — the Midwest burger restaurant owned by Chef Michael Symon — all hawk Impossible’s meat substitute in an increasing array of combinations.

“When we started looking at what Pat and the team at Impossible was doing we saw a perfect fit with the values and mission that Impossible has to drive a stronger mindset around what it is to be conscientious about what is going on,” says Umami Burger chief executive Daniel del Olmo.Since launching their first burger collaboration last year, Umami Burger has sold more than 200,000 Impossible Burgers. “Once people tried the burger they couldn’t believe that it was not meat,” says del Olmo. “They immediately understood that it was a product that they could crave. We are seeing 38 percent increase in traffic leading to 18 percent sales growth [since selling the burger].

“At $13 a pop, the Impossible Umami Burger is impossible for most American families to afford, but pursuing the higher end of the market was always the initial goal for Impossible’s founder, Patrick Brown.

A former Stanford University professor and a serial entrepreneur in the organic food space (try his non-dairy yogurts and cheeses!), Brown is taking the same path that Elon Musk used to bring electric vehicles to the market. If higher-end customers with discerning palates can buy into meatless burgers that taste like burgers, then the spending can subsidize growth (along with a few hundred million from investors) to create economics that will become more favorable as the company scales up to sell its goods at a lower price point.

Brown recognizes that 2.5 million pounds of meat substitute is no match for a 5 billion-pound ground-beef juggernaut, but it is, undeniably, a start. And as long as the company can boost sales for the companies selling its patties, the future looks pretty bright. “To get to scale you have to sell to a higher price-point,” says Brown.That approach was the opposite tack from Beyond Meat, perhaps the only other well-funded competitor for the meatless crown. Beyond Meat is selling through grocery stores like Whole Foods, in addition to partnerships of its…

FINISH READING: Where’s the beef? For Impossible Foods it’s in boosting burger sales and raising hundreds of millions







 

Advertisements
Posted in Beyond Meat, Impossible Foods, Product Reviews

The Impossible Burger – update

This is one popular burger. Everybody wants it. Even burger joints that sell only animal meat want it. Fortunately for me several locations all at once, near enough so I could get to them, started putting it on their menus.

We ordered it at Earth Bistro in Cleveland, a restaurant that makes everything they serve on the menu vegan-friendly. Can be made vegan.

Probably, but I don’t know for sure, most burger eaters like their burgers medium rare. This was my experience with The Impossible Burger.

Yes, it had a blood taste, but it textured too soft. It seemed barely cooked, barely even warm. In fact the bun was warmer than the burger.

Steve felt like I did. It was okay as far as burgers that bleed go, but he likes his burgers well done. So do I.

When speaking to the owner, he said of course they were still learning to work with it, and that if cooked beyond a certain temperature, it stiffens considerably according to the instructions.

I’m not sure if they actually wasted one by experimenting with it, but you really need to do that.

Firming this burger up, allowing for a longer cook time so when it gets to the customer it is still hot is important.

It wasn’t cohesive enough, and of course it plopped out the sides of the sandwich when I bit into it, more like a chicken salad only made with a burger.

The Impossible Burger is too fragile. Not wanting to lose a burger, cooks are so afraid to go beyond the temperature suggested, that they undercook it. That’s my take on it.

Tighten it up and don’t be afraid to add a little salt.

I won’t order another one until it’s improved. I certainly do appreciate the effort that went into the development of this burger. I look forward to the new and improved IMPOSSIBLE BURGER – maybe a separate one that’s well done. Two varieties: Medium rare – well done.


UPDATE on 7 March 2018

I posted my short review of THE IMPOSSIBLE BURGER onto THE IMPOSSIBLE BURGER Facebook Page. This was there response:

Impossible Foods Thank you for reaching out, Sharon! We’re sorry to hear that your experience didn’t meet your expectations. We’re always working to improve, and we really appreciate your feedback. 👍

If you decide to give the Impossible Burger another go, we’d recommend requesting that it be prepared more well-done. Everyone likes their burgers cooked differently, but we enjoy a medium well preparation of our product.”

My Comment > So, it can be cooked longer than the chef cooked it. Cooks and chefs all over should know this. Like the person from Impossible Foods said, they enjoy a medium-well, which probably is perfect. I will try it again and make my requests and report back. Thank you to IMPOSSIBLE FOODS for clearing that up for me – and anybody else who experienced the same problem.

 






 

Posted in Beyond Meat, Net News

The Beyond Burger Hits Bareburger Menus NATIONWIDE

 

Attention all Bareburger lovers: as of today The Beyond Burger will be offered on-menu at all 38 of their locations NATIONWIDE, enabling more consumers to EatWhat You Love™!Replacing the elk and wild boar options on the menu, The Beyond Burger joins the Bareburger menu nationwide, offering consumers even more diverse protein options.

We’re thrilled that Bareburger joins a growing list of national burger-centric restaurants, including BurgerFi and TGI Fridays, carrying The Beyond Burger…

FINISH READING: The Beyond Burger Hits Bareburger Menus NATIONWIDE | Blog | Beyond Meat






 

Posted in Beyond Meat, Product Reviews, Products Tried

BEYOND MEAT BURGER

BEYOND MEAT BURGER 1

BEYOND MEAT BURGER

Now available at select locations. Check out their website: http://beyondmeat.com/.

Steve and I tried this BEYOND MEAT BURGER a few days ago at EARTH BISTRO in Cleveland, Ohio. Although I’m not a fan of the thick burger, preferring them thin, this textured and flavored like a real animal burger – cow burger. The degree of doneness tasted like it looked, done medium.

It was charred slightly so one might think it came off a grill. Satisfied like a burger, maybe two burgers. It was a large meal for me. I couldn’t eat the fries.

The texture of the animal burger is what most people can’t replicate. BEYOND MEAT accomplished that goal. Impressive BEYOND IMPRESSIVE!

EARTH BISTRO provided a vegan bun, vegan bacon, vegan cheese and vegan condiments. Not all who serve a vegan burger do that. Tip of the hat to BEYOND MEAT and to EARTH BISTRO!

BEYOND MEAT BURGER 3






 

Posted in Beyond Meat, Net News

Impossible Burger Rolls Out In Universities And Cafeterias

Plant-based burger takeover in 3,2,1! Food technology company Impossible Foods, the makers of the Impossible Burger just recently announced their vegan burger is moving into university, company caf…

Plant-based burger takeover in 3,2,1! Food technology company Impossible Foods, the makers of the Impossible Burger just recently announced their vegan burger is moving into university, company cafeterias, and cultural venues!

The rollout is being coordinated with Bon Appétit Management Company, which run more than 1,000 cafes for universities, corporations, and museums in 33 states, according to FoodDive. Impossible Foods is also working with Restaurant Associates, which operate 160 foodservice locations, such as museums and performing arts centers. The tasty burger is expected to be in retail outlets in the near future, at prices competitive with beef. We can’t wait!

According to Bloomberg, food service represents about half of U.S. ground beef consumption. So for the Impossible Burger, a plant-based “beef” patty that cooks, smells, tastes, and even “bleeds” like real meat to be introduced into the food service arena is a huge step. “For us to have the impact, we have to appeal to meat consumers — and that’s been the target from day one,” Nick Halla, chief strategy officer of Impossible Foods, told Food Dive.

What’s more, the Impossible Burger, like other plant-based meats, is also environmentally superior to conventional burgers. According to the company, their burger uses 99 percent less land, 85 percent less water, and emits 89 percent less greenhouse gas than traditional beef production. Considering the animal agriculture industry is responsible for more greenhouse gas emissions than the entire transportation sector, these are not just impressive statistics, they are characteristics of a product that may just save the planet!

READ ON: The Plant-Based Impossible Burger Is Rolling Out in More Universities and Company Cafeterias! | One Green Planet






 

Posted in Beyond Meat, Net News

#BeyondBurger Distribution UPDATE 

#BEYONDBURGER DISTRIBUTION UPDATE

May 31, 2017 | By: Beyond Meat

ICYMI: The Beyond Burger recently launched in the MEAT SECTION at Safeway, and will now be available at more than 280 stores throughout Northern California, Northern Nevada and Hawaii. With this addition of Safeway, the Beyond Burger can now be found at more than 650 grocery stores nationwide!!

Please check to see if your local store is listed below and we recommend to CALL AHEAD to make sure they have Beyond Burgers in-stock. We don’t want anyone leaving empty handed and hungry! …

Finish reading: #BeyondBurger Distribution UPDATE | Blog | Beyond Meat

also> http://beyondmeat.com






 

Posted in Beyond Meat, Products Tried

BEAST BURGER by Beyond Meat

Cook in a little higher than medium heat with enough oil so they don’t stick.

Fry frozen.

Smells like hamburg cooking.

Textures like ground meat. There’s a ground cartilage texture similar to what you’d experience with a burger made from cow.

Texture dry in center. The light and denser textures were a little too distinct, with the lighter textures in the burger almost being air-like.

Flavor is pretty neutral, almost clean (Kamut grain had that same clean taste – I don’t know what it comes from).

No soy aftertaste.

Did not disappoint? A little.

Cooked on a flame grill would be better and maybe that was the point of the design, to cook on an open grill outside.

You might want to salt and pepper. Needs salt. Bland. But with all the condiments it would work.






 

Posted in Beyond Meat, Product Reviews

PRODUCT REVIEW OF FIELD ROAST HAND-FORMED GRAIN BURGERS

 PRODUCT REVIEW OF FIELD ROAST HAND-FORMED GRAIN BURGERS

FIELD ROAST HAND-FORMED BURGER

As plant-based burgers go, Field Roast Hand-Formed Burger is the best of all the burgers I’ve tried. The folks at Field Roast aren’t afraid to use a little fat, which makes the burgers juicy. And that’s what everybody likes about a burger – plant-based or not. Continue reading “PRODUCT REVIEW OF FIELD ROAST HAND-FORMED GRAIN BURGERS”