Plant-based meat alternative producer This has raised £3.5 million following the launch of a Seedrs campaign, as it aims to accelerate growth and expand its innovation function.
The company says it will use its investment to boost its manufacturing capabilities through a new plant-based innovation centre, as well as expand its portfolio.
Since going live on the 10 August, the UK company has surpassed its £2 million target which was secured before the campaign was fully launched to the public. This reportedly marks the fastest FMCG business to hit its target and the fastest ever campaign to hit over £1.5 million. The round still has 39 days remaining.
Venture capital firms involved in the investment round include Backed, Five Seasons Ventures, Idinvest Partners, Seedcamp and Manta Ray Ventures, who also backed the business earlier this year when it raised £4.7 million. Vegan investment fund Veg Capital also invested in the latest Seedrs campaign, alongside professional footballer Chris Smalling.
With its funding, This plans to invest £1 million in a London-based innovation centre, housing sensory, textural and other processing equipment. A team of food-scientists, engineers and flavourists will staff the centre. The company also intends to launch 10 products per year for three years across a number of categories.
Since launching in June 2019, the business has achieved approximately 700% growth and its products are now available in over 2000 stores and restaurants. Later this year, This is launching its products in two more of the ‘big four’ supermarkets.
“This is capitalising on the most important trend in nutrition: strong demand for tasty plant-based meat alternatives, for all those who are increasingly conscious about the detrimental health, climate change and animal welfare impacts of mass meat production,” said Andre de Haes, founder of Backed VC.
He added: “This macro trend alone doesn’t explain This’ success; it is unprecedented to see a start-up food product achieve widespread supermarket distribution right after launching. The team at This blend executional hyper-efficiency with both ground-breaking R&D and innovative marketing.”
© FoodBev Media Ltd 2024