Meat alternative start-up secures £4.7m in latest funding round
Meat alternative start-up THIS has raised £4.7m in its latest round of funding, led by London-based fund Backed.
The 'Seed Plus' investment will be used for manufacturing capabilities, a new R&D centre and key hires.
THIS has now raised £5.6m in total since 2018 from 12 angel investors.
The other venture capital firms involved in the latest round are Five Seasons Ventures, Idinvest Partners, Seedcamp and Manta Ray Ventures.
THIS say is quickly becoming a leader in the meat-alternative market, which has emerged as the UK’s fastest-growing food category, worth over £400m. Following rapid growth, they are one of the fastest growing food businesses in the UK and they’ve experienced a compound growth rate of 35% month-on-month.
Co-founder Andy Shovel said: "We’ve been able to leverage our strong first few months to obtain this fantastic investment from strong partners. It allows us to massively boost our manufacturing capacity and crucially – to create a formidable innovation engine within the company, by establishing an internal R&D centre."
Having only launched in June 2019, the company is claiming an annualised revenue of c£3m a of December 31st 2019, with a month-on-month growth rate of 35%.
Its products are already placed in over 1200 outlets across the UK, including national listings with Waitrose, Holland & Barrett and Ocado.
Alex Brunicki and Andre de Haes, partners at Backed, said that THIS had "created a number of best-in-class products, nurtured a passionate community of customers and executed on an ambitious distribution strategy in lightning quick time".