Plant-based meal delivery service Allplants has secured a third record-breaking funding round to help the business keep up with booming customer demand for vegan products.
The DTC firm claimed the £38m raised was the largest ever series B round for a European plant-based food business.
Publicly listed venture fund Draper Esprit led the round, with backing also coming from consumer-specialised fund The Craftory, VC firm TriplePoint Capital, plus international England footballers Chris Smalling and Kieran Gibbs, and Cassandra Stavrou, founder of Proper Snacks.
Existing investors Felix Capital – the venture fund behind Oatly, Deliveroo and Peloton – and Octopus Ventures also participated.
Allplants will use the latest investment to increase its plant-based kitchen in North London to six times its current size. It will also build scalable capacity for rapid distribution into other channels.
In addition, the business will expand the size of its team, recruiting across departments, from additional chefs through to operations, innovation, marketing and technology.
Allplants is also planning to explore new innovations to create a wider selection of meals and develop a broader range of product categories.
Founder and CEO Jonathan Petrides said: “In the five years that we have been cooking, we’ve seen the demand for plant-based food explode. We’ve got a ton of exciting plans to bring the movement to even more people’s kitchens, and this investment will allow us to do just that.”
The latest fundraising follows earlier record-breaking rounds by the company, including £3.4m secured on crowdfunding platform Seeders in 2020 – the UK’s biggest vegan crowd campaign at the time.
Founded by Petrides and his brother Alex, the business’ revenues have more than doubled every year since launching in 2016.
JP added: “Food choices are deeply personal, so quality and taste will always come first for us – it’s the driver of everything we do, and what makes it so easy for our customers to include more plants in their diets without the compromise.
“We can now imagine, create and serve up many more delicious recipes and products, to ultimately accelerate the transformative impact that plant-based living will have on the future of our planet.”
Draper Esprit partner Nicola McClafferty said: “Allplants is uniquely positioned at the intersection of some of the fastest-growing areas in food consumption today: high-quality, plant-based meals that deliver on taste, sustainability and nutrition in an incredibly convenient way for consumers.
“JP and the team have established a stellar brand with very clear values, incredibly strong growth and a loyal customer base. Allplants has real potential to scale its direct-to-consumer business while expanding into new channels both in the UK and beyond. We believe it can be a global brand, bringing nutrition, taste and convenience to the plant-curious consumer and we are delighted to be supporting the team as they grow and thrive.”