California-based Beyond Meat is planning to go public, CNBC has learned from an anonymous source. The popular vegan meat company has supposedly reached out to J.P. Morgan, Credit Suisse, and Goldman Sachs to lead an IPO. While many vegan brands have attracted venture capital funding, this would make Beyond Meat the first publicly traded vegan meat company.
According to CNBC, “The nearly $30 billion processed meat industry last year grew by 2 percent, while the the $1.4 billion meat alternatives industry grew by 22 percent, according to data service Euromonitor.” Aware of this trend, meat companies have been heavily investing in plant-based alternatives. Besides high-profile individuals like Bill Gates and Leonardo DiCaprio, Beyond’s investors have included Tyson Foods, one of America’s largest meat producers. Tyson initially took a five percent stake in Beyond, but came back to increase its investment soon after.
Earlier this year, Beyond Meat received the United Nations’ “Champion of the Earth” recognition for creating a sustainable alternative to beef. The UN award came amid increasing calls from scientists for the public to reduce meat consumption in order to stem climate change.
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