Redwood City-based Impossible Foods lays off some employees in a reorganization

By Deena Shanker | Bloomberg

Impossible Foods Inc., the maker of vegan burgers, has laid off some employees as part of an internal reshuffle.

“Earlier this month, we made a number of organizational changes to several teams to ensure the functions that support our business best align with our strategy,” said developer. The company’s spokesperson told Bloomberg News by email. “This included downsizing some teams and as a result a small number of employees were affected.” Fewer than 15 of Impossible’s approximately 800 worldwide employees remain, the spokesperson said. “We are continuing to actively hire, with plans to increase our team size throughout the year,” the spokesperson added.

Redwood City, California-based Impossible closed a $500 million fundraising round in November and said it will use it for growth in areas like retail and international expansion. As reported by Bloomberg, this round pegged Impossible at a $7 billion valuation.

Since 2019, when Impossible received approval from the U.S. Food and Drug Administration to sell its products in retail, the alternative meat producer has increased its presence in supermarkets. market after the first few years of focusing on restaurant sales and food service. Since the outbreak of the pandemic, it has increased grocery distribution dramatically. However, the company’s products still have nearly twice as many restaurants as retailers, at 22,000 retail stores and nearly 40,000 restaurants, according to a November press release.

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© 2022 Bloomberg LP Redwood City-based Impossible Foods lays off some employees in a reorganization

Huynh Nguyen

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