Plant-based meat brand THIS has secured £11 million in a Series A investment co-led by BGF, and Lever VC.
THIS has also grown at a record-breaking rate of 530 per cent (April ’21 vs ‘20). Having only launched two years ago, this is one of the highest ever growth rates for a UK food brand, let alone meat-alternative brand, signifying a major step change for the food industry.
The new investment of GBP11 million is the largest Series A fundraise for a UK meat-alternative brand. It will support the rapid growth of the business, the expansion of its R&D capabilities and help to bring to market an exciting pipeline of new products and distribution points across the UK. Innovation sits at the core of the business and the in-house R&D team is set to grow four-fold this year, developing all recipes in-house to unique specifications at a ‘Willy Wonka’ style R&D center in London. It has also submitted two patents to-date for its use of high moisture extrusion technology.
In recent years, plant-based meat alternatives have become increasingly popular amongst consumers worldwide and in the UK owing to changing dietary preferences and environmental considerations. The market is now valued at USD4.2 billion globally and at USD0.8 billion in the UK, growing at 17 per cent annually.
Read more/Source: Private Equity Wire
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