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January 30, 2023 10:40 pm

Impossible Foods Plans To Lay Off About 20% of Workers

Impossible Foods, which makes plant-based nuggets, burgers and patties, is reportedly laying off 20% of its staff, Bloomberg reported first. TechCrunch reports: According to the story, the 12-year-old company currently employs about 700 workers, which could then affect over 100 employees. This comes as the company made a 6% reduction in its workforce last October. While we know layoffs can happen anytime, it seems like the company was doing well. Earlier this month, the Redwood City, California-based company reported a year of record sales that included over 50% dollar sales growth in 2022. The company also touted that its Impossible Beef product was "the best-selling product by volume of any plant-based meat brand in the U.S." Months before that, 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% to 70%. In total, Impossible raised $1.9 billion in venture capital, according to Crunchbase data. 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 billion. [...] Impossible is not the only plant-based meat alternative company to make layoffs in recent months. In a regulatory filing made last October, Beyond Meat said it planned to lay off about 200 employees, or 19% of its workforce, as part of cost-saving measures as sales were slumping.

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