Nov 22, 2018
The maker of plant-based hamburgers, sausages and chicken, Beyond Meat has filed to go public with the ticket symbol BYND, and with the aim to raise $100 million, but that figure is most likely to change as the IPO nears.
The California company posted a net loss of $30.4 million on net revenue of $32.6 million in 2017, compared to a net loss of $25.1 million on net revenue of $16.2 million in the prior year. Beyond Meat, which has a number of high-profile investors including Bill Gates, Leonardo DiCaprio and Tyson Foods, would be the first stock offering for the new generation of companies making meat-like products from plants.
Separately, the plant-based food company said it added Coca-Cola CFO Kathy Waller and Twitter CFO Ned Segal to its board of directors. “When we described the ideal candidates to join our board, we prioritized top-tier industry leaders with knowledge of CPG and experience with scaling businesses. We couldn’t have found two better candidates than Kathy and Ned,” Seth Goldman, executive chairman of Beyond Meat, said in a statement.
The company has sausages and chicken products made from plants on the market, but it’s the hamburger — meant to look, cook and taste like 80% protein, 20% fat burger — that has become its signature item. The hamburger is the first plant-based burger sold in the supermarket meat section. The Beyond Burger accounted for approximately 71% of its gross revenues for the nine months ended Sept. 29, the company said in the SEC document.
While the hamburger is now carried by virtually all major grocery retailers in the meat section next to their traditional beef products, some chains initially wanted to put the Beyond Burger in the frozen or produce section where veggie-based products have long resided. Beyond Meat, which has targeted carnivores with its meat-tasting item, may have to face similar hurdles outside the U.S. to gain acceptance — an expansion that no doubt will be costly.
To be sure, Beyond Meat, whose products are available in more than 32,000 outlets globally, is not the only choice in the alternative meat market. It competes in the space with Impossible Burger, which is moving into grocery stores in 2019, and frozen veggie burgers such as Kraft Heinz’s Boca Burger and Kellogg’s Morningstar Farms. But going public now could give Beyond Meat another first-mover advantage: Drumming-up additional publicity for its product and giving it deeper pockets to execute on its vision.