US-based Impossible Foods has raised nearly $500m in its latest funding round to increase its manufacturing capacity.

The Series F equity funding round was led by new investment firm Mirae Asset Global Investments and included other existing investors such as Khosla Ventures, Horizons Ventures, and Temasek.

Since its inception in 2011, Impossible Foods is said to have raised nearly $1.3bn.

Impossible Foods founder and CEO Dr Patrick O Brown said: “Our mission is to replac the world’s most destructive technology: the use of animals in food production. To do that, we need to double production every year, on average, for 15 years and double down on research and innovation.

“The market has its ups and downs, but the global demand for food is always there, and the urgency of our mission only grows. Our investors not only believe in our mission, but they also recognise an extraordinary opportunity to invest in the platform that will transform the global food system.”

The company added that it will use the funds to scale up its production capacity, as well as to invest in fundamental research and innovation.

It will also invest in expanding its retail footprint and commercialising its new products, including Impossible Sausage Made from Plants and Impossible Pork Made from Plants.

Impossible Foods’ chief financial officer David Lee said: “With this latest round of fundraising, Impossible Foods has the resources to accelerate growth and continue to thrive in a volatile macroeconomic environment, including the current Covid-19 pandemic.”

Last May, Impossible Foods raised $300m in the Series E funding round led by its existing investors Temasek and Horizons Ventures in an effort to accelerate its rapid scale up.