US vegan food-maker Beyond Meat eyes $1bn valuation

Image copyrightBEYOND MEATUS plant-based meat-maker Beyond Meat is raising money by issuing shares which will value the firm at over $1bn in its stock market debut.

Beyond Meat says it wants to tap into the growing popularity of veganism and hopes to boost research and development and expand manufacturing facilities.

The company, which is backed by investors including US meat producer Tyson and Microsoft founder Bill gates, expects to receive gross proceeds of about $175m from the offering.

The term, coined by venture capital investor Aileen Lee, refers to privately owned tech start-ups valued at $1bn (£686m) or higher.

Originally named after the mythical creatures, because they were so rare, the number of such firms has rapidly increased and includes taxi-hailing app Uber, ride-sharing start-up Lyft and online scrapbook company Pinterest.

Beyond Meat's Beyond Burger was originally due to be introduced into 350 Tesco stores last August, but was delayed by three months because of supply issues.

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