Plant-based meat brand secures £11m investment for “wacky” expansion plans
Plant-based ‘meat’ brand THIS has secured multi-million pound investment to support its expansion.
The company has raised £11m in a Series A funding round co-led by BGF and alternative protein investor Lever VC.
Founded in June 2019 by Andy Shovel and Pete Sharman, THIS specialises in plant-based “hyper-realistic” meat substitutes.
The new investment is one of the largest Series A fundraise for a UK meat-alternative brand, and is set to support the expansion of the firm’s R&D capabilities as well as launching new products.
Andy Shovel, co-founder of THIS, explained: “We are absolutely thrilled, as we are now in a position to lease an office with windows. The team were losing their sense of humour over our current neon-lit home.
“In addition, this investment will unlock the most exciting new product development schedule. We’ve got some wacky plans for new tech and a huge line up of plant-based products, which will make eating plant-based food that bit easier for consumers.”
Daina Spedding, investor at BGF, commented: “THIS is a highly innovative business that is rapidly scaling in a very exciting new food category in the UK.
“Plant-based meat alternatives are increasingly empowering consumers with more choices in their diet and environmental impact – and THIS is at the forefront of this with leading technology, distribution and products.
“With our long-term investment approach and national network of expertise, BGF will support the highly-ambitious management team at THIS to scale and expand further.”
Nick Cooney, managing partner at Lever VC, added: “We’ve never seen a plant-based meat company grow its sales and its store count as quickly as THIS has.
“We think the company is well on its way to being a category leader in the UK and beyond, and we’re delighted to back THIS’s stellar team and support their expansion into new products and new markets.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning London email for free.