Plant-based business This is set to launch a crowdfunding campaign, which will “probably” be the company’s “last ever crowdfund”, it wrote on social media.
The UK-based meat-alternative company has previously raised £12m ($15.2m) from Seedrs investors, the digital investing platform that allows individual backers to invest in start-ups. This has raised £35m from institutional and crowdfunding investors since 2019.
The new Seedrs raise will offer investors convertible loan notes, which will convert to equity at the next financing round raise, “hopefully later in 2024”, This wrote in a statement.
This added it is aiming to have its first profitable quarter by the end of this year after growing to circa £22m annualised revenue since 2019.
The new funding will be used to “support further growth in the UK and internationally, bolster marketing campaigns and increase efficiencies in manufacturing and R&D”, This wrote. The company will also be using the funding to support the launch of a new range of products, which will be based on wholefood ingredients, high in protein but minimally processed.
The new range will be aimed at customers “who hold exceptional nutritional claims as a high priority”.
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Andy Shovel, a co-founder of This, said: “We’ve achieved massive, hairline-receding growth at This, from £0 to £22m annualised sales in four-and-a-half years and today This is the UK’s fastest-growing food brand.
“Our Seedrs community have been awesome and we’re grateful for all their support so far. Now we have loads of exciting product launches, a new (premier league) CEO and profitability in our sights, so it’s going to be a big couple of years for us.”
Just Food has asked what target This has for the crowdfunding round.
Earlier this month, This announced its joint founders and CEOs Shovel and Pete Sharman have given up their roles running the company to former Ella’s Kitchen executive Mark Cuddigan, who has joined as CEO.
Cuddigan was CEO of Ella’s Kitchen for six years until last November but also held other management positions at the organic baby-food maker dating back to 2011, according to his LinkedIn profile.
Ella’s Kitchen, based in Henley-on-Thames, Oxfordshire, was acquired in 2013 by US food and drinks group Hain Celestial.
This produces alternatives to pork, beef and chicken and has listings with major UK grocers such as Tesco, Sainsbury’s, Morrisons and Asda.
This won its first overseas listing last year by getting on the shelves of the Netherlands’ largest supermarket chain Albert Heijn. It also received backing from UK TV broadcaster ITV in return for marketing investment.
