Fast-growing brand THIS, known for its “hyper-realistic” plant-based meats, today announces it has closed a Series C equity funding round of £20 million through a combination of primary and secondary equity financing via Planet First Partners.
Planet First Partners is described as a growth equity investment platform dedicated to scaling tech-enabled businesses that blend a purpose-driven mission with profitable growth and a people-centric culture.
As an Article 9 fund under the EU’s Sustainable Finance Disclosure Regulation (SFDR), it invests in organisations making substantial contributions to environmental or social objectives. With Limited Partners’ commitments totaling 450 million euros, the fund is supported by a mission-aligned advisory board comprising global business and political leaders.
“Our partnership will be key as we continue to lead a revolution through our plant-based food to protect animals and the environment”
The news comes amid an E.coli scare in the UK whereby two large-scale manufacturers of sandwiches — Greencore and Samworth Brothers — which supply to a long list of supermarkets, have recalled products due to fears of contamination following reports of around 200 cases of illness at time of writing. THIS Isn’t chicken and bacon wrap, sold exclusively at WH Smith, has today been recalled, says the BBC, however, the FSA states this is a precautionary measure and that E. coli “has not been detected in the product”.
Growth strategy enabling the next chapter
THIS appointed Mark Cuddigan, formerly of organic baby and toddler food brand Ella’s Kitchen, as new CEO tasked with accelerating its next stage of growth this January. The implemented strategy included the streamlining of operations, consolidating production from seventeen sites down to three. THIS states it will use the capital to launch “new product ranges to cater to evolving consumer health preferences, whilst continuing to boost profitability on its core products.”
Planet First Partners is set to take two seats on the board of THIS, with its investment marking the first in its ‘Farm 2 Fork’ vertical, which aims to support sustainable agriculture and food systems. The company’s Executive Chairman Frédéric de Mévius previously founded Verlinvest, known for building brands such as Oatly and Vita Coco.
Mission to revolutionise the food industry
Cuddigan states of the development today, “We are excited to welcome Planet First Partners into the THIS™ family. Our partnership will be key as we continue to lead a revolution through our plant-based food to protect animals and the environment, growing brand love to become market leaders in the UK.”
Frédéric de Mévius, Chairman of Planet First Partners, comments: “We are thrilled to partner with THIS™ and support its mission to revolutionise the food industry. We believe the company is uniquely placed to capitalise on growing consumer preferences for sustainable and healthy food alternatives, whilst supporting the environment. I am personally excited to put my experience as a consumer investor behind a sustainable brand that is totally aligned with our fund’s sustainability objectives and the UN Sustainable Development Goals.”
More Information: https://this.co/
