UK alt meat brand THIS has secured £15 million in a Series B round, as it reveals that an international expansion may be on the cards.
The raise includes over £10 million from institutional investors such as Lever VC, BGF, and Five Seasons Ventures. The £4.7 million raised in last year’s crowdfunding campaign — whose target was exceeded in under two hours — is also included.
THIS says it plans to use the funding to expand overseas this year, along with increasing R&D capabilities, consolidating supply chains, and conducting outdoor advertising campaigns. The company’s annual revenue has now reached £24 million, and it was recently named the UK’s fastest-growing food and drink brand by financial services firm Alantra.
The news follows a string of successes for THIS in 2022, including entry into its fourth category (ready meals) and the launch of a new fat alternative. The brand also recently became the first alt meat company in the UK to receive B Corp status.
In January 2023, THIS launched its hyper-realistic THIS Isn’t Streaky Bacon into 3,000 supermarkets. Just two months later, the company says the product is already the UK’s best-selling plant-based bacon.
“We’ve managed to buck the miserable fundraising trend at the moment and close a fantastic funding round for the brand,” co-founder Andy Shovel told The Grocer. “Our investors’ confidence has predominantly come from our punchy growth and really strong R&D pipeline. We’ve also got lots of data to show we’re championing the recruitment of meat-eaters into the plant-based category, who haven’t shopped in it before.”