Reading Time: < 1 minute THIS makes vegan bacon and chicken (Photo: THIS)
Reading Time: < 1 minute

A UK startup making vegan bacon and chicken has raised £4.7 million after a hugely successful launch.

THIS, whose products are available in Waitrose and Holland & Barrett stores across the UK – as well as multiple restaurants – has seen a compound growth rate of 35 percent month-on-month since its June 2019 launch.

The company, which has now raised a total of £5.6 million since 2018, will use the cash to expand its production capacity and R&D facilities.

‘Strong first few months’

“We’ve been able to leverage our strong first few months to obtain this fantastic investment from strong partners,” Andy Shovel – who co-founded THIS with Pete Sharman – said in a statement sent to Plant Based News.

“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 center.”

‘Champion of the category’

Among the investors were six VCs – Backed, (which led the round) Five Seasons Ventures, Idinvest Partners, Seedcamp and Manta Ray Ventures.

Ivan Farneti and Niccolo Manzoni, partners at Five Seasons Ventures, said: “Having invested in the most successful plant-based protein companies in the US in the past, we recognize the key attributes that could make THIS the European champion of this fast-growing category.

“[Its] strong Team, innovative technology, ability to build their online Tribe, and early commercial traction. This is why we backed Andy and Pete.”

Maria Chiorando

Maria is a news and features writer for Plant Based News. As a former magazine editor, newspaper reporter, and features writer, her work has been published by The Guardian, The Huffington Post, and various regional newspapers, as well as Vegan Life magazine and Vegan Trade Journal. She has interviewed a huge range of people, from Prime Ministers to authors, activists, pop stars and actors, and enjoys the varied range of topics writing for PBN allows her to tackle. She was previously the editor of Plant Based News for over 3 years.