Following the January appointment of new CEO, Mark Cuddigan, UK plant-based food firm THIS™has raised £20 million in a Series C equity funding round, through a combination of primary and secondary equity financing.
The company says it will use the injection of capital to accelerate growth in its home market through new product launches while boosting profitability on its core products.
The funding round was completed by Planet First Partners and complements its previous investments across energy transition, industrial and green cities themes. The transaction marks the company’s first investment in its ‘Farm 2 Fork’ vertical, which aims to support more sustainable agriculture and food systems. Planet First Partners will take two seats on the board of THIS™.
Commenting on the raise, ex Ella’s Kitchen CEO Cuddigan, says: “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.”
“Our partnership will be key as we continue to lead a revolution through our plant-based food to protect animals and the environment”
Adds Frédéric de Mévius, Planet First Partners chairman: “We are thrilled to partner with THIS™ and support its mission to revolutionize the food industry. We believe the company is uniquely placed to capitalize 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.”
After recently streamlining its operations, consolidating its production from 17 sites down to three, THIS™ says that ongoing operational enhancements will continue to improve gross margins every quarter.
In 2023 the company grew revenue by nearly 50% to become the third-largest meat alternative brand in the UK, it says, with products including THIS™ Isn’t Pork Sausages, Isn’t Beef Plant-Based Burgers, Isn’t Lamb Kebabs, and Isn’t Chicken Shawarma.
