After receiving approval from the Food and Drug Administration, Impossible Foods has cleared the last regulatory hurdle it faced in rolling out at grocery stores.
The company is aiming for a September release of Impossible Products on the grocery shelves, along with its competitor Beyond Meat in shelves in grocery stores.
The news comes when the company said it inked a major supply agreement with OSI Group, a food processing company to increase the availability of Impossible Burger. [19659002ImpossibleFoodsharepositedforthisproductoftheproductandwhichnotcontactandcontacttomeetthedemandfromcustomers
The supply constraints have been particularly acute as the company inked more deals with fast food suppliers such as Burger King, White Castle and Qdoba to supply
Impossible Foods products are now served in over 1[ads1]0,000 locations around the world.
Earlier this year, the company hired Dennis Woodside and Sheetal Shah to scale up production operations and help steer growth into international markets. The company began selling its product in Singapore earlier this summer.
May not only saw new leaders join the Impossible team, but also a new capital infusion. Impossible Foods raised $ 300 million in funding from investors including Khosla Ventures, Bill Gates, Google Ventures, Horizons Ventures, UBS, Viking Global Investors, Temasek, Sailing Capital and the Open Philanthropy Project.
With the new FDA approval, Impossible Foods will now be able to go head to head with its chief rival, Beyond Meat. The regulatory approval will also help remove issues that have swirled around the safety of the innovative soybean hemoglobin that has persisted since the company began its expansion across the United States
In July last year, the company received a question without question from the FDA, confirming that the company's home was safe to eat, according to a panel of food safety experts.
The remaining obstacle for the company was whether or not the company's "heme" could be considered a color additive. This approval – the use of heme as a color additive – is what the FDA announced today.
"We have been working with the FDA for half a decade to ensure that we are fully compliant with all food safety regulations – for the impossible citizen and for future products and sales channels," said Director of Impossible Foods, Dana Wagner. have deep respect for the FDA that advocates for American food safety, and we have always gone above and beyond to comply with any food safety regulations and to provide maximum transparency about our ingredients so that our customers can have 100% confidence in our product. "