Plant-based meat brand THIS has secured £11m in a Series A investment to support its rapid growth.
The round was co-led by BGF, one of the UK’s most active investors in growing businesses, and Lever VC, one of the world’s leading investors in alternative protein.
THIS has grown at a rate of 530% over the last year amid the shift to meat-free products.
The company was founded in June 2019 by Andy Shovel and Pete Sharman. It has since developed the THIS Isn’t Chicken and THIS Isn’t Bacon plant-based product ranges, which are specifically designed to replicate the taste, texture and flavour of popular meat products.
The new investment of £11m will support the further growth of the business, the expansion of its R&D capabilities, and help bring new products to the market.
THIS was listed by Kantar in the top ten most valuable FMCG product launches of 2020. In under two years since launching, THIS has been stocked in over 8,900 retail distribution points (an annual growth rate of 633%) in 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, an investor at 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, a Managing Partner at Lever VC, added: “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.”
