Providing investors with an opportunity to invest in late stage private disruptive companies prior to IPO.

COMPANY SYNOPSIS

Founded in 2011, Impossible Foods is one of the leading producers of plant-based hamburgers and meat substitutes. Mostly known for its "Impossible Burger," distributed in both restaurants and fast food outlets such as Burger King and White Castle, Impossible Foods is growing quickly. Revenues are expected to reach $125 million in 2019, up 400% from 2018 and could surpass $1 billion by 2023 driven by soaring consumer demand and on the back of a plethora of retailer and restaurant distribution agreements. The company has raised over $775 million to date, with $300 million concluded in May 2019 at a post money valuation of $2 billion, led by Horizon Ventures and Temasek Holdings. According to Barclays, the total addressable market for the global meat substitute market might reach $140 billion by 2029. In addition, many expect the addressable market to grow exponentially when the cost of plant "meat" falls below that of animal sourced meat.

Corporate Info
Headquartered in Redwood City, California. 350 employees in 6 global offices

Major Investors
Horizon Ventures, Temasek Holdings, Khosla Ventures, Google Ventures, G Squared

Recent Deal Valuation & Info
$300 million (Horizon, Temasek), at a $1.7 billion pre-money valuation. Raised to date: $775 million.

Recent News
Impossible receives FDA approval for consumer sales to be sold at supermarkets (August 2019).

Net Revenue ($ Billions)
Gross Profit and Margin ($ Billions)
Booking Statistics
Net Revenue ($ Billions)
Gross Profit and Margin ($ Billions)
Booking Statistics
Valuation & Estimated Returns

*Expected Sourcing Valuation:
~$5.5 billion/~$29 per share

*Expected IPO Listing Date:
2022 -- HERE

*Expected IPO Valuation:
$13.5 billion (Base)

*Estimated Gross Total Return:
+145%

*Based on current and expected growth trajectories, Impossible Foods could reach $900 million in annual revenues during 2022. A sales/multiple of 18x is used for a bull scenario, 15x for a base scenario and 12x for a bear scenario, though investors should further adjust for possible share dilution during future rounds and IPO. The value of an investment is subject to risk, including the possible loss of the principal invested. Please refer to the disclaimer on the following page.

Investment Return Scenario Analysis
Valuation & Estimated Returns

*Expected Sourcing Valuation:
~$5.5 billion/~$29 per share

*Expected IPO Listing Date:
2022

*Expected IPO Valuation:
$13.5 billion (Base)

*Estimated Gross Total Return:
+145%

*Based on current and expected growth trajectories, Impossible Foods could reach $900 million in annual revenues during 2022. A sales/multiple of 18x is used for a bull scenario, 15x for a base scenario and 12x for a bear scenario, though investors should further adjust for possible share dilution during future rounds and IPO. The value of an investment is subject to risk, including the possible loss of the principal invested. Please refer to the disclaimer on the following page.

Investment Return Scenario Analysis
Net Revenue ($ Billions)
Gross Profit and Margin ($ Billions)
Booking Statistics
Investment Return Scenario Analysis
Valuation & Estimated Returns

*Expected Sourcing Valuation:
~$5.5 billion/~$29 per share

*Expected IPO Listing Date:
2022

*Expected IPO Valuation:
$13.5 billion (Base)

*Estimated Gross Total Return:
+145%

*Based on current and expected growth trajectories, Impossible Foods could reach $900 million in annual revenues during 2022. A sales/multiple of 18x is used for a bull scenario, 15x for a base scenario and 12x for a bear scenario, though investors should further adjust for possible share dilution during future rounds and IPO. The value of an investment is subject to risk, including the possible loss of the principal invested. Please refer to the disclaimer on the following page.

Investment Return Scenario Analysis
$900M
Projected Revenues, 2022
$140B
Alternative Meat Market 2029
(Barclays)
145%
*Estimated Gross Total Return

INVESTMENT DETAILS

  • Class Y will invest exclusively in Impossible Foods Inc. shares in the secondary market prior to an IPO.
  • The Investment Manager leverages key relationships to purchase shares from employees, off-market sellers, and prior-round investors.
  • The shares will be held in an SPV owned by the Fortune Pre-IPO Fund, Class Y.
  • Upon successful exit/IPO, and after expiration of any applicable 6-month lock-up period, the fund will sell its holdings and distribute the net proceeds back to investors. In-specie share delivery is also available.

INVESTMENT TERMS

Fund Share Class:

Target Class BB Size:

Minimum Investment:

Management Fee:

Performance Fee:

1st Closing:

Liquidity:

Custodian (liquidity):

Transactional Bank:

Administrator:

Auditor:

US & International accredited investors

$15 million

$500,000

One-time 3%

20 %, charged on realized profits

August 30th, 2019

Upon exit/IPO

Pershing, LLC

CIBC Bank USA

Opus Fund Services:

KPMG:


CONTACT

This is not an offer to sell or solicitation of an offer to buy interests in any fund or investment program sponsored by Trade Capital Markets (TCM) Limited.

Important Information: This presentation is provided for information purposes only and is not an offer to sell or solicitation of an offer to buy interests in any fund or investment program sponsored by TCM. Such offer or solicitation to buy limited partnership interests in any fund or investment account is made only through a Fund’s confidential private placement memorandum and related purchase documentation, and subject to the terms and conditions o contained in such documents and in such Fund’s operative agreements. TCM makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein. Certain information contained herein, including summaries, prices, quotes, or statistical information, has been obtained from published and non-published sources prepared by third parties. While such information is believed to be reliable, TCM does not assume any responsibility for the accuracy or completeness of the information. The value of an investment is subject to risk, including the possible loss of the principal invested. Past performance is not indicative of future results. TCM and its members, offcers or employees may own options, rights or warrants to purchase shares of any security mentioned.