Plant-based meat alternative producer This has raised £4.7 million in seed funding, in a funding series led by London-based investment fund Backed, with further investments from Five Seasons Ventures, Idinvest Partners, Seedcamp and Manta Ray Ventures.
This produces a range of pea and soy-based plant alternatives such as ‘bacon’ rashers, ‘chicken’ goujons, salt & pepper ‘chicken’, with the company claiming that its products are ‘hyper-realistic’.
According to a statement from the company, this latest investment will be used to enhance its manufacturing capabilities, open a new R&D centre and expand its team, enabling the business to keep up with growing demand.
The meat alternative market is one of the fastest-growing market segments in the UK food industry, and This claims that it has experienced a compound growth rate of 35% month-on-month since launching in retailers in mid-June 2019.
This products are listed in over 1,000 outlets across the UK, including national listings with retailers such as Waitrose, Holland & Barrett, Ocado, and the company claims to have registered annualised revenue of £3 million.
Andy Shovel, co-founder of This 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.”
Carlos Espinal, Seedcamp Managing Partner, added: “Investing in the future isn’t just about investing in hard-tech companies; it’s also about investing in the future of our consumption and the sustainability of food sources and their long-term ecological impact.
“We first invested in Pete and Andy and their incredible vision for This a few years back and are proud investors and customers of their delicious products which not only address increased consumer demand for meat-free alternatives but also help contribute towards building a more diverse and sustainable food supply-chain that has already attracted the interest of many top retail brands.”
© FoodBev Media Ltd 2019