UK – Meatless Farm, a meat alternatives brand, has raised US$31 million from new and existing investors to support its expansion in the UK, Europe, US and Asia as global markets emerge from the Covid-19 related lockdown.
The funding round follows a previous round of $17 million (£13.3) raised by the Leeds-based company. The proceeds will be used to expand the brand in existing markets, access new regions, expand the product lines, and further build out the manufacturing operations in Canada.
With the market for plant-based food estimated to grow by 17 per cent to US$4.2 billion (£3.3bn) in 2021, Meatless Farm has ambitious plans to expand in all its key markets and to grow its product range.
According to the company, which operates four offices worldwide in Leeds, Amsterdam, New York and Singapore, it is set to continue its double-digit sales growth in the years to come.
“Our ambition is to continue to expand our global operations organically whilst also looking to participate in M&A (merger and acquisition) activities around the consolidation of smaller plant-based companies.”Morten Toft Bech – founder, Meatless Farm
“We are seeing strong demand for our plant-based burgers, sausages and mince across all markets and see fantastic opportunities to grow the Meatless Farm brand rapidly as people look to eat more healthily and sustainably post Covid-19,” Morten Toft Bech, founder of Meatless Farm, said.
“Our ambition is to continue to expand our global operations organically whilst also looking to participate in M&A (merger and acquisition) activities around the consolidation of smaller plant-based companies.”
The funding round was managed by recently appointed Meatless Farm director, Leopoldo Zambeletti, who has over 20 years investment banking experience at firms including JP Morgan and Credit Suisse.
“Fundraising during the lockdown brought its own unique challenges, but the strength of the brand, the sustainable mission, the excellent management team and proven execution to date resonated well with existing and new investors alike,” he said.
Meatless Farms launched its initial range in 2018 and its products are currently on sale in all four major UK supermarket chains, in Whole Foods in the US, as well as other countries.
This summer Meatless Farm ran a nationwide TV advertising campaign in the UK aimed at converting meat eaters and highlighting the meatier taste of its burgers and sausages following a new recipe.
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