UK-based plant meat producer THIS announces it has secured £4.7 million in seed funding led by London investment fund Backed, with participation from Five Seasons Ventures, Idinvest Partners, Seedcamp and Manta Ray Ventures.
THIS launched last year with a range of “hyper-realistic” pea and soy-based meat alternatives including THIS Isn’t Bacon and THIS Isn’t Chicken, which the founders said to vegconomist last May, took two years in development and are “aimed squarely at meat-eaters.”
The investment will be used to scale manufacturing capabilities, open a R&D centre and expand the team.
Co-founder Andy Shovel 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, said “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.”