Beyond Meat Announces IPO
Beyond Meat has filed for an IPO. In documents filed Friday, the El Segundo, CA-based manufacturer of plant-based protein products has applied to list its common stock on the Nasdaq under the symbol “BYND,” with an initial offering of $100 million.
Beyond Meat also announced that it appointed Ned Segal, Twitter's chief financial officer, and Kathy Waller, who has the same role at the Coca Cola Company, to join its board. The plant-based startup has received much media attention since its founding in 2009, and already has as investors Microsoft Corp. co-founder Bill Gates, Tyson Foods, and actor Leonardo DiCaprio.
Beyond Meat’s signature product is its Beyond Burger, a plant-based patty meant to mimic a traditional ground beef burger. Beyond Meat nearly quadrupled sales from 2015 through 2017, to $32.6 million, for a 92 percent compound annual growth rate, but the company has not been profitable amid investment in research and development. The company’s net loss in 2016 was $25 million, and more than $30 million in 2017.
“Going forward, we intend to continue to invest in innovation, supply chain capabilities, manufacturing and marketing initiatives as we believe the demand for our products will continue to accelerate across both retail and food service channels as well as internationally,” the company said in its filing.
