UK – London-based plant-based food company THIS has successfully secured £20 million (US$25.3 million) in its latest funding round, thanks to impact investor Planet First Partners.
This Series C funding elevates the total investment in THIS to approximately £35 million (US44.2) since its inception in 2019 by founders Andy Shovel and Pete Sharman.
Earlier this year, Shovel and Sharman stepped down from their roles as co-CEOs, paving the way for Mark Cuddigan to take the helm.
Cuddigan, who previously led organic baby-food company Ella’s Kitchen for six years until November, brings extensive management experience from his tenure at the firm dating back to 2011.
In a statement announcing the fresh capital, Cuddigan emphasized the strategic importance of their partnership with Planet First Partners.
“Our collaboration is crucial as we spearhead a plant-based revolution to safeguard animals and the environment, fostering brand loyalty to become the market leader in the UK,” he said.
THIS has established itself as a prominent player in the UK’s plant-based meat sector, claiming the title of the “largest independent brand” in this category.
Certified as a B-Corp, the company offers plant-based alternatives to pork, beef, and chicken, which are stocked by major supermarkets including Tesco, Sainsbury’s, Morrisons, and Asda.
Additionally, last year marked THIS’s first international venture, securing shelf space in Albert Heijn, the Netherlands’ largest supermarket chain.
The company also received marketing support from UK broadcaster ITV in exchange for equity.
The newly acquired funds are set to fuel THIS’s expansion in the UK market, with plans to introduce new products to their lineup.
Currently, their offerings include This Isn’t Pork Sausages, This Isn’t Beef Plant-Based Burgers, This Isn’t Lamb Kebabs, and This Isn’t Chicken Shawarma.
However, THIS recently faced challenges due to a product recall linked to an E. coli outbreak in the UK.
As a precautionary step, the Food Standards Agency (FSA) announced a recall of THIS’s Chicken and Bacon wrap sold by WH Smith due to potential contamination.
