Vegan confectionery firm LoveRaw has secured a multi-million-pound investment from Blue Horizon Ventures, the financial supporters of Beyond Meat.
The specific amount has not been disclosed but has been referred to simply as a ‘7-figure investment deal’.
Founded in 2013, LoveRaw produces 100% natural, vegan chocolate buttercups.
Under the terms of the deal, Blue Horizon Ventures will now support the business in “successfully disrupting the vegan confectionery industry”.
Blue Horizon Ventures is renowned for investment in plant-based food brands as well as cultivated meats, in particular the US plant-based meat substitutes company Beyond Meat.
“We are confident that LoveRaw has the opportunity to become market leaders in their sector,” said Michael Kleindl, founder and managing partner of Blue Horizon Ventures.
Kleindl added: “Together we will work to provide consumers around the world with plant-based and clean label products from the indulgence category and aim to convert the current product options towards more sustainable and eco-friendly alternatives.”
The funding follows two years after Rimi Thapar, founder and managing director of LoveRaw, rejected a £50,000 investment offered by Dragon’s Den investor Deborah Meaden, with the aim to maintain a higher equity stake in the business.
Since declining this deal, the Manchester-headquartered company has continued to develop its brand and now manufactures its chocolate buttercups in five flavours including salted caramel, peanut butter and cookie dough. The product is now sold in major retailers across 10 different countries worldwide.
Thapar said: “Having Blue Horizon on board is game-changing. Regardless of the investment, our values align with theirs: We are all on a mission to make plant-based eating the norm and to also turn LoveRaw into an international brand.
Following the investment, Juliet Barratt, co-founder and previous CMO of healthy snacking brand Grenade, has been appointed non-executive director of LoveRaw.
Barratt will work alongside Blue Horizon Ventures to help “LoveRaw quickly dominate the vegan confectionery industry by developing key business areas of branding, supply chain, manufacturing, recruitment and marketing”.
© FoodBev Media Ltd 2020