According to CNN, vegan company Beyond Meat has filed for a $100 million initial public offering (IPO). Yes, you read that right: $100 million.
After filing documents last Friday, the plant-based meat producer said it had applied to list its common stock on the Nasdaq under “BYND. It’s reported that Beyond Meat’s net revenue for the nine months ending September 29, 2018, was $56.4 million. That’s a 167 percent increase from the same period last year.
In the filing, the company said, “Going forward, we intend to continue to invest in innovation, supply chain capabilities, manufacturing and marketing initiatives.
Beyond Meat is making history by becoming the first publicly traded, 100 percent plant-based meat company. J.P. Morgan, Goldman Sachs, and Credit Suisse will lead the IPO.
Over the past few years, Beyond Meat has made headlines with delicious plant-based products, including the Beyond Burger, Beyond Sausage, and Beyond Chicken grilled strips.
All the buzz has caught the attention of some high-profile investors, such as billionaire Bill Gates; actor and activist Leonardo DiCaprio; business experts Jack and Suzy Welch; venture capital firm Kleiner Perkins; and America’s largest meat producer, Tyson Foods.
Consumers worldwide are wild about Beyond Meat’s products. To keep up with demand, the company recently opened a second production facility and hired hundreds of employees in Missouri. The new state-of-the-art facility has high-efficiency lighting and new water recirculation, reducing water consumption by nearly 80 percent. The facility will allow the company to test new products and expand its line, increasing Beyond Meat’s manufacturing footprint more than threefold, from 30,000 to 100,000 square feet.
The Beyond Burger debuted next to its meat-based counterparts in 2016 and is sold at thousands of restaurants and grocers. Beyond Meat recently announced a partnership with A&W Canada, which frequently sells out of the burger.
And A&W isn’t the only company to partner with Beyond Meat. Chains like Veggie Grill and TGI Fridays serve Beyond Meat products, and the company plans to distribute the Beyond Burger in 50 countries across six continents. Right now, Beyond Meat products are all the rage in Hong Kong, where sales have quadrupled since this past April.
Beyond Meat’s rapid growth reflects the rising demand for vegan food. According to GlobalData, there were six times as many vegans in America in 2017 as in 2014, and Allied Market Research predicts that the meat substitute market will grow 8.4 percent from 2015, potentially reaching $5.2 billion globally by 2020.
More people enjoying vegan food is great news for the billions of animals who suffer horribly at factory farms. Cows, pigs, and chickens raised and killed for food are subjected to unthinkable cruelties: tiny, filthy cages; burns and amputations; and merciless slaughter.
Beyond Meat’s IPO launch gives the public a unique opportunity to invest financially in a compassionate and sustainable future.