Last Friday, Beyond Meat filed its prospectus to go public on Nasdaq under the symbol “BYND”. The veggie company, which was founded in 2009 and produces burgers, sausage, crumbles and strips from the plant-based meat, plans to generate $100 million through IPO funding. Goldman Sachs, J.P. Morgan Securities and Credit Suisse Securities are leading the offering.
The Los-Angeles based company was started by Ethan Brown in 2009 and the company generates revenues by selling its products like The Beyond Burger, Beyond Sausage, Beyond Chicken and other plant-based meat products to customers mainly in the US. Currently, these products are available in approximately 28,000 distribution points.
According to Crunchbase, Beyond Meat has collected $122 million so far from seven rounds of funding and their last funding of $50 million was raised from a Series H funding in October 2018. Notable investors in the company include actor Leonardo DiCaprio and Microsoft founder Bill Gates.
As per the prospectus filing, Beyond Meat (formerly known as Savage River, Inc.) has not made profit in all the quarters in 2017 and 2018. For the quarter ended September 29, 2018, the plant-based meat producer has registered a loss of $9.3 million compared to a loss of $7.2 million in the year-ago quarter. Revenue for the quarter almost tripled to $26.3 million versus the prior year quarter. As of September 29, 2018, Beyond Meat had 355 full-time employees.
The company is confident about the available market opportunity as people who prefer vegan diet is increasing, citing the several health benefits and environmental concerns. By the end of the first quarter of 2019, Beyond Meat expects to triple its monthly production capacity versus the second quarter of 2018. Last week, Beyond Meat launched its flagship product Beyond Burger in the UK.
According to a report published by Research and Markets, the global meat substitute market size was valued at $4.2 billion in 2017, and is estimated to reach $7.5 billion by 2025, registering a CAGR of 7.7% from 2018 to 2025. North America and Europe together represented about more than two-thirds of the share of the global meat substitute market in 2017.