UK meat alternatives brand, Meatless Farm, has raised $31 million from new and existing investors to support its expansion in the UK, Europe, US and Asia.
With the capital, Meatless Farm intends to expand and further establish the brand in existing markets, access new regions, grow its product lines and further develop its manufacturing operations in Canada.
Meatless Farms launched its initial range in 2018 and its products are currently on sale in all four major UK supermarket chains, in Whole Foods in the US, as well as other countries. It previously raised $17 million in a funding found.
According to the company – which operates four offices worldwide in Leeds, Amsterdam, New York and Singapore – it is set to continue its double-digit sales growth in the years to come.
This summer Meatless Farm ran a nationwide TV advertising campaign in the UK aimed at converting meat eaters and highlighting the meatier taste of its burgers and sausages following a new recipe.
Morten Toft Bech, founder of Meatless Farm, said: “We are seeing strong demand for our plant-based burgers, sausages and mince across all markets and see fantastic opportunities to grow the Meatless Farm brand rapidly as people look to eat more healthily and sustainably post Covid-19.
“Our ambition is to continue to expand our global operations organically whilst also looking to participate in M&A activities around the consolidation of smaller plant-based companies.”
Recently appointed Meatless Farm director, Leopoldo Zambeletti, added: “This funding round gives Meatless Farm the ability to take advantage of the consumers’ desire to change lifestyles as people aim to ‘build back better’ in the wake of Covid-19.
“Fundraising during the lockdown brought its own unique challenges, but the strength of the brand, the sustainable mission, the excellent management team and proven execution to date resonated well with existing and new investors alike.”
© FoodBev Media Ltd 2019