The UK-based meat-alternative company, This, is gearing up to launch a crowdfunding campaign, which it anticipates will be its “last ever crowdfund,” as stated on social media.
This has previously secured £12m ($15.2m) from Seedrs investors, a digital investing platform that enables individual backers to invest in start-ups. Since 2019, the company has raised a total of £35m from institutional and crowdfunding investors.
The upcoming Seedrs raise will offer investors convertible loan notes, which will convert to equity at the next financing round raise, expected later in 2024, according to a statement from This.
The company aims to achieve its first profitable quarter by the end of this year, having grown to around £22m in annualized revenue since 2019.
With the new funding, This plans to support further growth in the UK and internationally, bolster marketing campaigns, and enhance efficiencies in manufacturing and R&D. Additionally, the funds will aid in the launch of a new range of products based on wholefood ingredients, high in protein but minimally processed, targeting customers with a focus on exceptional nutritional claims.
Andy Shovel, co-founder of This, expressed excitement about the company’s growth, stating, “Today This is the UK’s fastest-growing food brand.” With new product launches, a new CEO, and profitability in sight, Shovel anticipates significant progress in the coming years.
This recently announced the appointment of Mark Cuddigan, former CEO of Ella’s Kitchen, as its new CEO, taking over from the joint founders. Cuddigan brings significant experience in the food industry, having led Ella’s Kitchen and holding other management positions at the organic baby-food maker.
This, known for its alternatives to pork, beef, and chicken, has secured listings with major UK retailers and made international expansions, including partnerships with supermarket chains in the Netherlands and support from ITV for marketing initiatives.
