VC Deals: Impossible Foods Served $200M At $4B Valuation

The week was good for consumer unicorns taking on publicly traded companies. Beyond Meat (NASDAQ:BYND) competitor Impossible Foods raised $200M at a $4B valuation in a round led by tech-focused hedge fund Coatue. The plant-based burger company has now raised $1.5B.

Impossible will use the funding to increase R&D efforts and develop new products, including steak, pork, and milk. The startup also wants to expand its international presence and manufacturing capacity.

Amazon’s (NASDAQ:AMZN) sports apparel-focused competitor Fanatics raised $350M at a $6.2B valuation in a Series E that was oversubscribed, according to CNBC sources. Fidelity and Thrive Capital co-led the funding. Previous Fanatics backers include the National Football League and Major League Baseball.

Fanatics says its e-commerce operations are up 30% this year despite the pandemic-driven pause for major sporting events. The company will use the latest infusion on rights acquisitions and M&A. Fanatics brought in $2.5B last year and is likely planning an IPO, though no details have been shared.

Other top VC deals of the week:

  • Nokia (NYSE:NOK) phone maker HMD raised $230M from Nokia, Google (GOOG,GOOGL), and Qualcomm (NASDAQ:QCOM), which will drive market expansion and 5G smartphone investments.
  • Bond trading platform Trumid raised $200M at an over $1B valuation in a round led by Dragoneer Investment Group that included T. Rowe (NASDAQ:TROW). Trumid says trading volume increased nearly 500% this year.
  • Gong, which provides revenue intelligence for sales teams, brought in $200M from Salesforce Ventures (NYSE:CRM), Index Ventures, and others. Gong has around 1,300 customers and revenue has grown 2.5x this year.

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