EL SEGUNDO, CALIF. – Beyond Meat, Inc., maker of the plant-based Beyond Burger, plans to offer 8,750,000 shares at a price between $19.00 and $21.00 per share, according to a Securities and Exchange Commission filing.

The company applied to list its common stock on the Nasdaq Global Market under the symbol “BYND” and hopes to raise about $100 million in funding.

Beyond Meat, which also manufactures meat-free strips, crumbles and single-serve meals, has experienced rapid sales growth driven by demand from food service and retail segments, according to the SEC filing. Beyond Meat reported increasing net revenues to $87.9 million in 2018 from $16.2 million in 2016, representing a 133% compound annual growth rate. Net revenues in 2018 were $87.9 million, which represents a 170%  increase from $32.6 million in 2017.

The company also reported losses in 2016, 2017 and 2018 of $25.1 million, $30.4 million and $29.9 million, respectively, which the company attributed to investments in growth and innovation of the business.

The Beyond Burger accounted for approximately 48% and 70% of the company’s gross revenues in 2017 and 2018, respectively.

“The Beyond Burger is our flagship product and has been the focal point of our development and marketing efforts, and we believe that sales of the Beyond Burger will continue to constitute a significant portion of our revenues, income and cash flow for the foreseeable future,” the company said.

Beyond Meat frozen and fresh plant-based products may be found in more than 32,000 retail and food service outlets across the United States. The success of the Beyond Burger and growing distribution of the company’s products has attracted a variety of investors, including Bill Gates, Twitter co-founders Biz Stone and Evan Williams, and Tyson Foods, Inc., which owns a 6% stake in Beyond Meat through its venture capital unit, Tyson New Ventures. Net cash provided by financing activities in 2016, 2017 and 2018 was $31.9 million, $55.4 million and $76.2 million, respectively, primarily due to the net proceeds from issuing convertible preferred stock and net borrowings under a revolving credit facility and a term loan facility.

“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.

Furthermore, the company has plans to unlock additional production capacity and expand product offerings in 2019.

“The successes of the Beyond Burger and Beyond Sausage products have confirmed our belief that there is significant demand for additional plant-based meat products,” Beyond Meat said. “We intend to strengthen our product offering by improving the formulations for our existing portfolio of products, and by creating new products that expand the portfolio.

“We are continuously refining our products to improve their taste, texture and aroma. In addition, we are committed to increasing our investment in research and development to continue to innovate within our core plant-based platforms of beef, pork and poultry to create exciting new product lines and improve the formulations for our existing portfolio of products. In 2018, we developed a new version of the Beyond Burger with improved taste, texture and aroma attributes. In March 2019, we introduced our Beyond Beef which is designed to replicate the versatility of ground beef. Also, in March 2019, we launched the Beyond Sausage patty at A&W (Canada).”