Plant-based burger maker Beyond Meat files for IPO
Plant-based protein company, Beyond Meat Inc., has filed for a US$100mn initial public offering in the US, as the vegan and meat alternative market gain increasing popularity.
Backed by Microsoft co-founder, Bill Gates, and former CEO of McDonald's, Don Thompson, Beyond Meat makes vegan sausage, vegan chicken and its flagship product, the Beyond Burger, which is made to “look, cook and taste like traditional ground beef”, according to the firm.
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In its IPO filing, Beyond Meat stated: “The success of our breakthrough innovation model and products has allowed us to appeal to a broad range of consumers, including those who typically eat animal-based meats, positioning us to compete directly in the $1.4trn global meat industry.”
It added: “Going forward, we intend to continue to invest in innovation, supply chain capabilities, manufacturing and marketing initiatives.”
The California-based company currently enjoys backing from Kleiner Perkins Caulfield & Byers, Obvious Ventures, and Tyson Foods, which recently purchased a 5% stake.
Beyond Meat said that net revenue for the nine months ending 29 September 2018 was US$56.4mn, a 167% rise compared to the same period a year earlier.
Goldman Sachs Group Inc., JPMorgan Chase & Co. and Credit Suisse Group AG are leading the offering.
The company says it has applied to list on the Nasdaq Global Market under the symbol BYND.