This secures £11m in Series A funding

This has received an investment of £11 million, in what it claims is the largest Series A round for a British alternative-meat brand.

The funding will go towards creating new products, building warehouses, and bolstering the company’s research and development work.

The round was led by multi-billion private equity firm BGF and Lever VC, a venture capital fund which supports “alternative protein” businesses.

This, which launched two years ago, has had a spate of major investments.

READ MOREMighty Plants launches online vegan supermarket

In February 2020 it secured £4.7 million in a “seed plus” round, followed by £3.5 million in crowdfunding six months later.

It was given an early boost when it was accepted onto Tesco’s incubator programme, which focuses on plant-based brands.

“We are absolutely thrilled, as we are now in a position to lease an office with windows,” This founder Andy Shovel said.

“The team were losing their sense of humour over our current neon-lit home.”

He added that the investment would also fund “a huge line up of plant-based products” and “wacky plans for new tech”.

This claims to have a “Willy Wonka-style” research and development centre, and has submitted two patents for its high-moisture extrusion technology.

The news comes after Novo Farina, a “pea protein” company from Norfolk, received £3 million from US billionaire Richard Koch.

The UK accounts for a quarter of the £3 billion global meat alternatives market.

FinanceFMCG

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