Beyond Meat is finally taking the next step in its plant-based meat revolution: going public. The meat substitute producer filed for an IPO with plans to raise $100 million, reports Food Dive, although that number may change in the coming weeks. It applied to the Nasdaq Global Market under the symbol BYND.
The company also announced two new additions to its board: Twitter CFO Ned Segal and Coca-Cola Company CFO Kathy Waller.
The filing was expected of the innovative company, which sells non-GMO meat-free burgers, sausages, and chicken strips, in the hopes of taking a slice out of the $1.4 trillion global meat industry. Its investors include bold-faced names from Silicon Valley, the food industry, and well as the environmental crowd: Bill Gates, Leonardo DiCaprio, and Tyson Foods, among others.
In the filing, Beyond Meat states that in the nine months before September 29, 2018, net revenues were $56.4 million, a 167% increase from $21.1 million in the nine months ended September 30, 2017.
“Going forward, we intend to continue to invest in innovation, supply chain capabilities, manufacturing, and marketing initiatives, as we believe the demand for our products will continue to accelerate across both retail and food service channels as well as internationally,” read the statement.
It’s the latest in a series of developments for the brand, which recently revealed a 26,000-square-foot facility dedicated to re-creating every popular meat product on the market. (Next up: steak.) Beyond Meat, which has seen sales ramp up by 70% in the last year, has sold 25 million burgers since its 2016 debut. It admitted having trouble meeting demand after multiple Whole Foods stores ran out of inventory. Besides the market chain, Beyond Meat sells at Amazon Fresh and 20,000 other grocery retailers—as well as 10,000 restaurants, hotels, and universities.
As we previously reported, Americans are increasingly looking for meat substitutes such as Beyond Meat and the Impossible Burger. A recent poll found that 43% of consumers are more likely to try plant-based alternatives today than just five years ago. That’s translated to dramatic market shifts: The plant-based “meat” industry saw sales top $670 million in the last year–up 24% from the year prior, reports the Plant Based Foods Association. The overall plant-based industry, meanwhile, saw $3.7 billion in sales.
“More and more consumers are beginning to understand the biggest choice they make in terms of impact on the climate is protein,” Beyond Meat founder and CEO Ethan Brown told Fast Company. “Everything here is an investment toward that goal of making [meat and plant-based meat] indistinguishable.”