UK-based online vegan retailer TheVeganKind (TVK) has raised £3.5 million in a Series A funding round led by investment firm Literacy Capital.
Founded in 2013 as a vegan subscription delivery box service, TheVeganKind launched an online supermarket in 2016.
The firm now offers almost 6,000 plant-based products for next-day delivery in the UK across its two retail websites, and the company moved into a new 35,000 square-foot warehouse in October 2020.
A statement from TheVeganKind claims that the investment represents ‘the largest funding round for a vegan retail company’. The company states that the funding will accelerate its growth plans, as additional retail and consumer experience will be added to the business in the near future.
TheVeganKind co-founders, Scott and Karris McCulloch, said: “We are so excited to now finally announce the conclusion of this investment round, signalling the start of a new chapter for Team TVK.
“While we have moved mountains in the last seven years, helping take veganism mainstream, this raise will allow us to ramp up considerably, investing in our people, inventory, infrastructure, marketing and more.
“At TheVeganKind we all know that the world needs more people to go vegan or plant-based, and we want to show them just how easy it can be. We have lots of exciting developments in the works such as TVK Health, and hundreds of new brands and products waiting to be listed.”
Richard Pindar, CIO of Literacy Capital, added: “We are really pleased and excited to have the opportunity to work with Scott, Karris and the rest of the TVK team.
“The tailwinds in the sector, as well as the health, welfare and environmental benefits that TVK is providing are really encouraging. The aims and objectives of the founders resonate really well with our own charitable and business objectives. We look forward to assisting the team and helping them to expand TVK even further”.
© FoodBev Media Ltd 2021
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