Huel secures £20m funding boost from investors

FMCGNews

Huel has secured £20 million ($24 million) in funding from investors to help with its growth plans.

Venture Capital fund Highland Europe has led the funding round as it sought to secure a cash injection to help its “scale up phase”.

According to the plant-based meal replacement brand, funding will also be used for global expansion, with a particular focus in growing the UK brand in the US.

Huel CEO executive officer James McMaster that the business saw the raise as a “sensible” step in its growth trajectory.


Subscribe to Grocery Gazette for free

Sign up here to get the latest grocery and food news each morning


“I think a couple of years ago some similar companies were proud of raising as much as they could but we were focused on making a sensible step, to get the right funding from the right investors,” he said.

“It will be used across a number of areas and growing in retail channels is one potential area.

“We’ve been contacted and told that some products, like our ready-to-drink banana product, would sell really well so, although it wasn’t something we necessarily always set out for, it is a really interesting prospect.”

This comes as Huel recently reported a 40% jump in revenues to around 170 million US dollars (£143 million) for the year to July 2022, compared with the previous year.

Some of the investors include actor Idris Elba and wife Sabrina Dhowre Elba, alongside Jonathan Ross and activewear boss Grace Beverley.

McMaster added: “Highland Europe have been a strong backer for our business in the last four years and we’re delighted about the extra support from Idris, Sabrina, Grace and Jonathan.”

“Our investors have all expressed their belief for what we are trying to achieve at Huel – making nutritionally complete, convenient, affordable food, with minimal impact on animals and the environment.”

FMCGNews

RELATED POSTS

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.

Menu