Home Views Commentary

Beyond rich: Billion-dollar faux meat movement overlooks the hungry half

The Edge Singapore
The Edge Singapore5/6/2019 08:00 AM GMT+08  • 5 min read
Beyond rich: Billion-dollar faux meat movement overlooks the hungry half
SINGAPORE (May 6): On May 2, the maker of what is essentially fake meat raised US$241 million ($328.36 million) in an IPO on Nasdaq. California-based Beyond Meat sold 9.63 million shares at US$25 each, the top of the pricing range. The listing gives the 1
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (May 6): On May 2, the maker of what is essentially fake meat raised US$241 million ($328.36 million) in an IPO on Nasdaq. California-based Beyond Meat sold 9.63 million shares at US$25 each, the top of the pricing range. The listing gives the 10-year-old company an implied value of about US$1.46 billion, or 16.6 times its 2018 revenue of US$87.9 million. It had been making losses of around US$30 million for both 2017 and 2018.

Beyond Meat makes burger patties, sausages and minced meat from plant proteins, such as those from peas, and promises the satisfaction of the real deal. It has a line-up of athlete “ambassadors” — including ­professional American footballer Derrick Morgan and Houston Rockets basketballer Chris Paul.

According to Crunchbase, prior to the IPO, Beyond Meat had already raised US$122 million in seven rounds of funding, and its backers include Silicon Valley venture capital firm Kleiner Perkins, Microsoft founder Bill Gates and actor Leonardo DiCaprio. And as the market eats up Beyond Meat’s shares, these investors, as well as the company’s founder and CEO Ethan Brown, are set to become even richer.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.