Backed by Hollywood star Leonardo DiCaprio and Microsoft founder Bill Gates, the California-based firm had valued itself at about $1.5 billion at opening on the Nasdaq exchange.
Its public offering comes a month after its Silicon-valley rival Impossible linked up with Burger King to offer a plant-based version of its signature Whopper.Beyond Meat’s early trading success is further proof of the mainstream appeal of plant-based foods, according to Bruce Friedrich, director of the Good Food Institute, an organization promoting alternatives to animal products.
Eating a plant-based protein would “help address concerns related to human health, climate change, resource conservation and animal welfare” as it seeks to compete with the $1.4 trillion global meat industry, it adds. “We have a history of losses, and we may be unable to achieve or sustain profitability,” the firm cautioned in its filing with the Securities and Exchange Commission.
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