California-based Impossible Foods announced that it has successfully raised $108m in a Series D round of funding.
Founded by Stanford University professor turned first-time entrepreneur Patrick O Brown, the company is focused on producing a new generation of substitute meats and cheeses made entirely from plant matter.
According to Brown, the taste of red meat could be replicated with bioengineered 'blood' from plants.
Brown said: "This latest financing ensures that we have more than enough runway to bring our first products to market.
"We are grateful to our visionary investors, whose support will enable us to transform the global food system by providing consumers with delicious and sustainable meat and dairy foods made directly from plants."
The financing was led by UBS with participation from Viking Global Investors, including Horizons Ventures, Khosla Ventures, and Bill Gates, among others.
In a previous round of funding, Impossible Foods was able to raise around $75m from investors.
Khosla Ventures partner Samir Kaul said: "We are grateful to our visionary investors, whose support will enable us to transform the global food system by providing consumers with delicious and sustainable meat and dairy foods made directly from plants."
"To achieve a sustainable future, we need to further invest in companies like Impossible Foods that minimise the environmental impact of our food system through innovation, without compromising taste."
