London-based plant-based food company THIS has successfully closed a €23.6 million Series C funding round led by Planet First Partners, a European growth equity sustainable investment platform. This funding, a mix of primary and secondary equity financing, will help fuel THIS’s expansion in the UK market, introduce new product ranges, and enhance profitability on its core products.
Mark Cuddigan, CEO of THIS™, commented: “We are excited to welcome Planet First Partners into the THIS™ family. Our partnership will be key as we continue to lead a revolution through our plant-based food to protect animals and the environment, growing brand love to become market leaders in the UK.”
Planet First Partners, established in 2020, focuses on scaling climate-friendly businesses. Its investment strategy covers sectors such as energy transition, industrials, green cities, and sustainable food systems under its ‘Farm 2 Fork’ vertical. Prior to founding Planet First Partners, Executive Chairman Frédéric de Mévius was instrumental in building brands like Oatly and Vita Coco through his previous investment vehicle, Verlinvest.
Frédéric de Mévius, Chairman of Planet First Partners, added: “We are thrilled to partner with THIS™ and support its mission to revolutionise the food industry. We believe the company is uniquely placed to capitalise on growing consumer preferences for sustainable and healthy food alternatives, whilst supporting the environment. I am personally excited to put my experience as a consumer investor behind a sustainable brand that is totally aligned with our fund’s sustainability objectives and the UN Sustainable Development Goals.”
Other investors in THIS include notable names such as BGF, Backed VC, Five Seasons Ventures, Idinvest Partners, ECG Research, CJ Corporation, Manta Ray Ventures, Kreos Capital, Seedcamp, ITV, and footballer Chris Smalling. Since its inception in 2019, THIS has raised a total of £35 million.
The latest funding is pivotal to accelerating THIS’s growth trajectory, particularly in the UK. The company aims to introduce new products that align with evolving consumer health preferences and continue to boost the profitability of existing products. This strategic expansion is expected to strengthen THIS’s position in the market and increase its market share.
The plant-based market in Europe is experiencing robust growth, with a projected compound annual growth rate (CAGR) of 8.75% between 2021 and 2028. THIS is currently the third-largest meat alternative brand in the UK, having grown its revenue by nearly 50% last year. As the market expands, THIS is well-positioned to capture a significant portion of this growth.
Founded in 2019 by Andy Shovel and Pete Sharman, former meat lovers who ran a burger restaurant, THIS aims to lead a plant-based revolution by offering hyper-realistic, nutritious, and great-tasting meat alternatives. Its mission is to protect animals and the environment by providing consumers with viable plant-based options.
THIS has developed several market-leading products, including THIS Isn’t Pork Sausages, THIS Isn’t Beef Plant-Based Burgers, THIS Isn’t Lamb Kebabs, and THIS Isn’t Chicken Shawarma. The company has streamlined its operations by consolidating production from seventeen sites to three, significantly improving its gross margins.
Furthermore, after having a highly successful TV advertisement in 2023, the company secured its first international listing in the Albert Heijn stores in the Netherlands.
In January 2024, Mark Cuddigan, formerly CEO of organic baby and toddler food brand Ella’s Kitchen, was appointed as the new CEO of THIS. Cuddigan is expected to leverage his extensive sector knowledge to drive the next stage of THIS’s growth.
With its mission to revolutionize the food industry and a strong focus on sustainability, THIS is poised to become a leading player in the plant-based food market, supported by strategic investments and a clear growth strategy.
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