THIS, the British plant-based meat business, has announced an investment from ITV. The move is ITV’s latest Media for Equity investment and its first investment in a food company.
As part of ITV Adventures Invest (its Media for Equity investment fund), ITV has agreed to subscribe for £1.5m of shares in Plant Meat Limited, with the option to subscribe for two additional tranches of £1.5m each, in return for advertising inventory across ITV’s channels and ITVX.
THIS is the fourth Media for Equity investment that ITV has made this year and it follows architectural design company Resi, pet health and wellness company PitPat, and pain relief brand Flarin.
Andy Shovel, Co-founder and Co-CEO of THIS, noted: “ITV is a media powerhouse, and to have them as an investor, especially as their first food business investment, is super exciting. Not only did we get to make the porkiest plant-based TV ad ever, the scale of the investment means that we can reach audiences across the country and get closer to making meat-free the norm.”
Sheena Amin, Director of ITV AdVentures, added: “As the fastest growing plant-based brand in the UK over the last two years, with broad retail distribution and strong product innovation, THIS is very well positioned to continue its strong growth within the plant-based meat alternatives sector. We expect consumer demand for conscious consumption to continue to grow and as a certified Bcorp with a broad set of products at attractive price points, THIS is the perfect brand to help make conscious eating accessible to all.”
Founded in 2019, THIS is the UK’s fastest-growing food (or drinks) company, offering pork, beef and chicken alternative products nationwide at major supermarkets, restaurants and cafes. In the last 3 months alone, THIS has added £1.6m to chilled meat-free, holding its place as the fastest growing brand in the category (IRI Temple Total Grocery). It is forecast to hit £20m of revenue this year, over 50% year-on-year.
