Meat Substitute Manufacturer, Beyond Meat, Files For $100M IPO

Friday, November 23rd, 2018 | 947 Views


Beyond Meat has officially filed to go public with the Securities Exchange Commission (SEC) and aims to raise $100 million to drive its future expansion plans. The company, which has a number of high-profile investors including Bill Gates, Leonardo DiCaprio and Tyson Foods, recently welcomed CFOs from Coca-Cola and Twitter to its board and has reported a healthy growth due to the doubling of its revenues from 2016 to 2017, despite losing $5.3 million during the same period. This can be attributed to the company’s ability to target carnivores with its popular range of plant based meat substitutes such as its hamburger which is recognised as a signature item and accounts for approximately 71 percent of gross revenues for the past nine months ending in September 29. Additionally, the hamburger is also the first plant-based burger to be sold in the supermarket meat section and it can be found in all major grocery retailers, while the company’s diversity of products can be found across 32,000 retail outlets globally.

Through the current S-1 filing with the SEC, a detailed look into the financials of Beyond Meat can be attained and this has revealed that as of September 29, Beyond Meat had $50 million in cash and cash equivalents, which could be diverted to its future expansion plans. That being said, the company is also set to face competition from new meat substitute products such as Kraft Heinz’s Boca Burger, Kellogg’s Morningstar Farms veggie burgers and the Impossible Burger, which will be available in grocery outlets in 2019.

The future of the plant-based meat market is constantly growing, and Asia is on the precipice of adopting more sustainable consumption practices.

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