Impossible Foods, the US imitation meat company, is looking to raise fresh funding to increase its production capacity, after striking a distribution deal with fast-food chain Burger King.
The company has filed a Form D financing notice with the U.S. Securities and Exchange Commission for an undisclosed sum, the Financial Times reports.
Existing investor Temasek, which is backed by the Singapore government, is considering investing $75m in the round, according to people familiar with the situation.
Investors hope the company would achieve a valuation of more than $1bn through the fundraising.
Impossible, which relaunched its product “Impossible Burger 2.0” at the start of the year at CES in Las Vegas, said consumer demand had so far exceeded initial expectations.
“We are straining to meet demand,” said David Lee, chief financial officer, who added: “Any capital we raise will be used to expand capacity.”
Impossible has already raised more than $475m since it was founded in 2011, through a combination of debt and equity, from investors including Viking Global, Bill Gates, Li Ka-shing’s Horizons Ventures and venture capital fund Khosla.
This week it announced its biggest deal yet, a pilot with Burger King featuring the “Impossible Whopper”.