Fromer Difficult Foods CFO points out why he is leaving

• Unachievable Meals CFO David Lee tells Insider why he remaining the plant-primarily based burger startup to join AppHarvest.
• “I want to launch a couple more enterprises in my job,” Lee informed Insider.
• In September, AppHarvest introduced it was likely public by way of a $1 billion SPAC deal with Novus Cash Corp.
• Visit Organization Insider’s homepage for a lot more tales.

Most CFOs join rapidly-expanding tech startups to enable usher them by means of an preliminary general public giving. Unachievable Foodstuff CFO David Lee did the reverse.

He’s jumping ship to be part of the ag-tech startup AppHarvest, which is by now in the method of likely public via a merger with a exclusive purpose acquisition company (SPAC).

Though his departure was announced previously this month, Lee will start in his new position as AppHarvest President on January 25, reporting to founder and CEO Jonathan Webb.

Having said that, Lee has been on the AppHarvest board considering that August, 2020.

“I am so grateful for the 5 many years that I had a chance to launch the company at Impossible, but I want to start a handful of additional enterprises in my job,” Lee advised Insider. “The business is in this kind of a robust placement. It will not skip a conquer.”

Unattainable elevated $200 million in its most recent funding spherical in August, bringing the total investment to virtually $1.5 billion. The firm, greatest identified for its plant-dependent burgers that “bleed,” was final valued at about $4 billion after its March funding spherical, according to Bloomberg.

Although the company declined to comment on IPO facts, Impossible has lengthy been on the IPO enjoy-checklist, particularly because it is really closest competitor, Beyond Meat, went general public in May 2019.

“The team (at Unachievable) that I had a probability to develop is incredibly solid, and as a end result, it truly is virtually as if I was presented the luxury of remaining ready to go decide on my subsequent grand experience,” Lee claimed.

Headquartered in Morehead, Kentucky, AppHarvest is a undertaking-backed startup that is building superior-tech indoor farms to grow fruits and vegetables. On Tuesday, the organization started off shipping and delivery its first harvest — Beefsteak tomatoes —  from a 60-acre indoor farm in Morehead, Kentucky. 

AppHarvest declared is was going community by way of a reserve merger with Novus Funds in September. The deal, which is predicted to close in the subsequent several months, is also predicted to supply the company with $475 million in financing, $375 million of which is coming as a result of, private traders, recognized as “a private financial investment in public fairness” or PIPE. (PIPE financing is a frequent portion of a SPAC offer.)

AppHarvest has lifted $150 million to date, like a $28 million Series C spherical in August, 2020, according to a corporation spokesperson.

The corporation was final valued at about $1 billion, according to Pitchbook, and traders consist of Revolution’s Rise of the Relaxation Seed Fund, Inclusive Cash Associates, Equilibrium, Narya Money, Lupa Systems, Breyer Funds and Endeavor Catalyst. 

Celebrity chef Martha Stewart, alongside with VC Narya Money cofounder JD Vance (regarded for his e-book “Hillbilly Elegy”), are on the board. 

As for the timing of his departure, Lee says he remains a believer in Unattainable Meals.

“I can convey to you individually that I have exercised every single solution that I was granted and I intend to hold because I think in the enterprise we designed,” he claimed.

“I am so selected in its long run success that I come to feel like I can transfer on to a thing new and establish once again from scratch,” he added.