THIS has secured one of the highest investments in the UK for a plant-based meat brand.
And, it’s come after the pioneer reports record-breaking growth since launching just two years ago.
Plant-based meat investment
The Series-A funding round was led by BGF, an active investor in growing businesses across the UK and Ireland, and Lever VC – a leading investor in alternative proteins.
Following the £8.7 million raised in the seed round, VC Investors, Backed, and Five Seasons also invested in this round.
Moreover, it is the country’s largest plant-based meat investment in a round of its kind. And, the funds will be used to expand research and development as well as ‘an exciting pipeline’ of new products.
Additionally, THIS has submitted plans for new moisture extrusion technologies.
‘Rapidly scaling’ plant-based meat
Daina Spedding, a BFG investor, told PBN: “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.”
PBN x THIS giveaway
Additionally, PBN is partnering with THIS on an exciting giveaway. The winner will receive a free hot tub and a year’s supply of THIS’ vegan cocktail sausages. You can find out how to enter below.
The plant-based meat brand reported record-breaking growth at a rate of a staggering 530 percent this year.
One of the highest for a UK food brand, the company claims it signifies a major step in the industry.
THIS Co-founder Andy Shovel said he was ‘absolutely thrilled’. He added: “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.”