Tiba Tempeh eyes growth with £1 million backing

A plant-based food firm is eyeing European expansion after securing £1 million investment.

Tiba Tempeh has been backed by NPIF II - Maven Equity Finance.

Officials at the Newcastle-headquartered company say the support will bolster its “mission to create a healthier world” by scaling operations across the UK and the continent.

They add it will boost marketing, sales and product development.

Founded in 2019 by Alex and Ross Longton, Tiba Tempeh uses soya beans, live culture and water to create items such as burgers and mince, with its products stocked in stores including Sainsbury’s, Morrisons, Ocado and Carrefour.

Alex, chief executive, said: “Maven will add significant value to further scale our business and help us on our mission to create a healthier world by inspiring people to eat more naturally healthy and sustainable plant-based foods.”

Rebecca MacDermid, investment manager at Maven, which manages NPIF II - Maven Equity Finance as part of the Northern Powerhouse Investment Fund II, said: “Tiba Tempeh is an exciting brand in a growing market.

“Alex and Ross are a fantastic team, and bring a wealth of experience coupled with a passion for healthy, sustainable food alternatives.

“We are pleased to support the next stage of their growth as they scale operations and expand across the UK and Europe.”

Sarah Newbould, senior investment manager at British Business Bank, which previously launched the Northern Powerhouse Investment Fund II, added: “We are excited to see how this investment will give Tiba Tempeh the capabilities to launch its new products.”

The £660 million Northern Powerhouse Investment Fund II covers the North of England and provides loans from £25,000 to £2 million, and up to £5 million equity investment, to small and medium-sized businesses.

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