Impossible Foods, which makes nuggets, hamburgers and veggie burgers, He is going to lay off 20% of his staff, As reported Bloomberg.
According to the news, the company, which is 12 years old, currently employs about 700 workers, which could affect more than 100 employees. This occurs after the company carried out a 6% reduction in its workforce last October.
Although we know that layoffs can happen at any time, it seems that the company was doing well. In early January, the Redwood City, California-based company reported a record sales year that included more than 50% dollar sales growth in 2022.. The company also touted its Impossible Beef product as "the best-selling product by volume of any plant-based meat brand in the United States."
Months earlier, CEO Peter McGuinness said in an interview with Bloomberg Technology that the company had a strong balance sheet, good cash flow and growth of between 65% and 70%.
The latest statistics came as the company announced the addition of Sherene Jagla, formerly Senior Vice President and General Manager of Newell Brands, as Impossible's first female lawsuit director. Her role is to "bring together her sales, marketing, information, and product development teams into an integrated function under her leadership as you prepare for your next phase of growth."
In total, Impossible raised $1.900 billion in venture capital, according to data from Crunchbase. The last time the company raised capital was a $500 million Series H round in November 2021., and it was at that time that the company was valued at 7.000 million dollars.
His founder, pat brown, spoke last June, saying his vision for the company was to be the conduit that helps the world become less dependent on animals for food.
"I don't think the company has a monopoly on the production of meat, fish and dairy products for the whole world, for many reasons"He said. “The critical function that we serve is basically serving the scientific problem and developing the technology platform that enables it. Right now, we are the only company in the world that has done it seriously and, obviously, to continue financing the business, we are in the food business. I think in ten years or so, to accelerate scale-up, we will be working with many partners who will license the technology to us and allow the partners to carry the ball for us.”
Although Impossible and other plant-based companies have tried to break into the market through grocery store and restaurant partnerships, such as Impossible's with Burger King, plant-based meat remains a highly specialized sector.
Impossible isn't the only plant-based meat alternative company to lay off staff in recent months.. Last October, Beyond Meat announced that it planned to lay off some 200 employees, 19% of its workforce, as part of the savings measures given the drop in sales.
