The UK’s biggest online vegan supermarket and subscription business, TheVeganKind (TVK) announces it has secured £3.5m in Series A funding from Literacy Capital Plc in the biggest funding round ever for a vegan retail company in the UK. TVK offers the widest range of vegan products in the UK and has the largest social media following than any other vegan-only retailer. The funds will be used to support additional retail and consumer experience to help the existing team take the business forward.
Founded in 2013 by husband and wife co-founders Scott and Karris McCulloch, TVK has grown exponentially since 2020, fueled by the Covid situation which led to increased demand for home delivery services. The company saw so much success that in the autumn of last year it relocated to a new 35,000 sqft facility in Glasgow, over eleven times bigger than its original location, which enabled the team to offer almost 6,000 plant-based products, all available for next day delivery, seven days a week.
In February of this year, TVK launched Love Plants, an own-brand range of vegan convenience meals created with the popular ‘ultra-realistic plant meat product THIS Isn’t Chicken.TVK has also been instrumental in the launches of several vegan brands and stocks products from industry game-changers such as VFC, Heura, and Omnipork.
Speaking in interview with vegconomist in February, Scott McCulloch said, “A post-Covid age TVK is going to see even more people curious about what ‘vegan’ or ‘plant based’ even means. People that have half an eye on the future and who want to contribute to a more equitable and harmonious ecosystem. People that when they find out about it, will feel very aligned to TheVeganKind.”
Regarding the impressive raise, 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 7 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. We have much to do, and we cannot wait to get to work. Thank you so much to everyone who has supported us over the years.”
Richard Pindar, CIO of Literacy Capital, commented: “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.”