UK plant meat producer THIS™ today announced the closing of an £11 million Series A round led by BGF and Lever VC, which the brand says is the largest ever Series A fundraise for a UK based alt meat brand.
“We’ve got some wacky plans for new tech and a huge lineup of plant-based products, which will make eating plant-based food that bit easier for consumers”
The fresh funds will be used to support the rapid growth of the business, expand R&D capabilities and help to bring to market new products across the UK. Prior to this fundraise, THIS™ had a record-breaking seed round securing £8.7m from VC investors, Backed and Five Seasons, who are also participating in this round. CPT Capital is investing alongside Lever VC and BGF.
THIS™ was listed by Kantar in the top 10 most valuable FMCG product launches of 2020. In under two years since launching, THIS™ has been stocked in over 8,900 retail distribution points including all four of the UK’s major grocers. The products also feature in over 300 restaurants throughout the country (including Prezzo, Pho, and Honest Burgers).
Daina Spedding of BGF said: “THIS™ is a highly innovative business that is rapidly scaling in a very exciting new food category in the UK. Plant-based meat alternatives are increasingly empowering consumers with more choices in their diet and environmental impact – and THIS™ is at the forefront of this with leading technology, distribution and products. With our long-term investment approach and national network of expertise, BGF will support the highly ambitious management team at THIS™ to scale and expand further.”
Nick Cooney, Managing Partner at Lever VC, said: “We’ve never seen a plant-based meat company grow its sales and its store count as quickly as THIS™ has. We think the company is well on its way to being a category leader in the UK and beyond, and we’re delighted to back THIS’s stellar team and support their expansion into new products and new markets.”
Andy Shovel, Co-founder of THIS™, said: “We are absolutely thrilled, as we are now in a position to lease an office with windows. The team were losing their sense of humour over our current neon-lit home. In addition, this investment will unlock the most exciting new product development schedule. We’ve got some wacky plans for new tech and a huge lineup of plant-based products, which will make eating plant-based food that bit easier for consumers.”
THIS™ product portfolio@
- THIS™ Isn’t Chicken pieces,
- THIS™ Isn’t Chicken nuggets,
- THIS™ Isn’t Chicken soy and garlic pieces
- THIS™ Isn’t Chicken tikka pieces
- THIS™ Isn’t Chicken lemon & herb skewers
- THIS™ Isn’t Chicken sticky BBQ skewers
- THIS™ Isn’t Bacon
- THIS™ Isn’t Bacon lardons
- THIS™ Isn’t pork cocktail sausages
