This UK-based plant-based business, This, has recently secured £20m in funding from impact investor Planet First Partners in its Series C funding round. This brings their total funding since 2019 to approximately £35m. Co-founded by Andy Shovel and Pete Sharman, the company saw a change in leadership when Mark Cuddigan took over as CEO earlier this year.
Cuddigan expressed his excitement about the partnership, stating that it will be instrumental in furthering This’s mission to lead a revolution in plant-based food, aiming to become market leaders in the UK. The company boasts of being the largest independent brand in the UK plant-based meat category, offering alternatives to pork, beef, and chicken in major supermarkets such as Tesco, Sainsbury’s, Morrisons, and Asda.
Moreover, This expanded internationally last year, securing a listing with Albert Heijn in the Netherlands. The company also received backing from UK TV broadcaster ITV for marketing purposes. Despite their success, This faced a setback when their products were included in a recall due to an E. coli outbreak in the UK, prompting precautionary measures.
The recent funding will enable This to accelerate growth in the UK, focusing on launching new products to enhance their existing range of plant-based offerings. Revenue for the company increased significantly last year, reaching around £19.3m. Additionally, This has optimized its operations by consolidating production sites from 17 to three.
Planet First Partners, led by executive chairman Frédéric de Mévius, will have two seats on This’s board as part of the funding agreement. De Mévius highlighted the alignment between This’s sustainability goals and the fund’s objectives, emphasizing the potential for the company to capitalize on the growing demand for sustainable and healthy food alternatives while supporting environmental initiatives.
Overall, the partnership between This and Planet First Partners signifies a strategic collaboration aimed at driving growth in the plant-based food sector and promoting sustainability in the food and beverage industry.