The Impossible Foods company has a new version of its Impossible burger.
The Impossible Foods company has a new version of its Impossible burger.
PHOTO: Gabe Ramirez/CNN.
Now playing
01:32
Can the new Impossible Burger lure meat lovers?
New KFC chicken sandwich
New KFC chicken sandwich
PHOTO: KFC
Now playing
01:06
These are the chicken sandwich war's newest contenders
Now playing
01:16
See Burger King's retro new logo and uniforms
Now playing
03:39
This vegan restaurant is actually opening locations during the pandemic
PHOTO: Stew Leonard's
Now playing
04:46
Stew Leonard's CEO: We have plenty of food
PHOTO: Lifetime
Now playing
02:34
Mario Lopez stars as KFC's Col. Sanders in steamy movie
Now playing
02:48
Goldbelly is shipping food from iconic restaurants nationwide
Now playing
02:46
Why the world's largest ice cream company is betting on home delivery
screengrab mcplant
screengrab mcplant
PHOTO: Getty Images
Now playing
02:05
Internet mocks McDonald's new meatless burger
bacon mask 2
bacon mask 2
PHOTO: CNN
Now playing
02:00
This company is giving away bacon-scented face masks
Now playing
02:19
People are brewing fancier coffee at home. That's good for this company
Patrick Stewart and Mark Hamill, two legendary cultural icons, come together to settle the greatest debate of all time - what
Patrick Stewart and Mark Hamill, two legendary cultural icons, come together to settle the greatest debate of all time - what's for dinner?
PHOTO: Uber Eats/Youtube
Now playing
01:00
Uber Eats' new ad pits Luke Skywalker against Capt. Picard
PHOTO: Milk Processor Education Program
Now playing
01:05
Watch the new 'Got Milk?' ads
Now playing
02:45
This small business stood for a century, but Covid-19 closed it in months
A man wears a mask as he walks past a McDonald
A man wears a mask as he walks past a McDonald's fast food restaurant during the COVID-19 pandemic, in Los Angeles, California, April 6, 2020. (Photo by Robyn Beck/AFP/Getty Images)
PHOTO: Robyn Beck/AFP/Getty Images
Now playing
01:43
McDonald's sales plummet in dismal quarter
(CNN Business) —  

Impossible Foods has raised another $300 million to satisfy demand for its plant-based alternatives to meat — and celebrities are joining in.

Jay-Z, Katy Perry, Serena Williams, Jaden Smith, Trevor Noah and Zedd are all among the slew of investors Impossible Foods announced Monday. The latest round of funding was led by the company’s major, previous investors Temasek, a Singaporean investment company, and Horizon Ventures, a venture capital firm in Hong Kong.

Overall, Impossible Foods has raised more than $750 million.

Celebrity investment in Impossible may be another sign that realistic meat alternatives have become incredibly trendy. Some consumers are trying to eat less meat for health reasons and to reduce their impact on the environment, so demand for plant-based protein is on the rise. This year, Impossible Foods has seen such a spike in demand that it has been running out of product.

Serena Williams, Katy Perry and Jay-Z are investing in Impossible Foods.
Serena Williams, Katy Perry and Jay-Z are investing in Impossible Foods.
PHOTO: ROBYN BECK/AFP/Getty Images

To keep up, Impossible plans to hire at least 50 new employees at its Oakland, California, factory, which currently employs about 70 full-time employees. It’s also looking to open more manufacturing facilities, CFO David Lee told CNN Business last week.

Lee added that though the latest round of funding will help, Impossible will still probably struggle to meet demand in the future.

“I think that there will be fits and starts,” he said. “There will be times when we have more supply than the demand immediately available, and soon enough we’ll outgrow that ability to supply.”

Lee said that he thinks it will “take a little bit of time” before Impossible is able to meet the level of demand it is seeing today. Impossible Foods and its competitor Beyond Meat (BYND), which had a wildly successful initial public offering earlier this month, target meat eaters who want to diversify their diets rather than vegans and vegetarians. As meat eaters become more open to eating plant-based proteins, demand will continue to grow, Lee said.

“The more normal the Impossible Burger becomes, the more we will see adoption,” he said.

Lee added that the company, which launched in 2011, will need to grow significantly to meet demand.

“We are so small today that, until we reach a sizable portion of the overall market, I think we’re going to be growing to meet this scorching demand that we’re seeing today,” he said, adding that he’s “going to be hard at work raising capital” for some time.

Impossible currently only sells its plant-based protein products to restaurants, but plans to launch in retail stores this year. Beyond Meat sells to restaurants and is also available in stores.