Allplants retail freezer web

Allplants has transitioned from a pure-play DTC brand into an omnichannel business, operating across retail and foodservice

Allplants has raised an additional seven-figure sum as the vegan frozen ready meal maker continues its drive for profitability.

The business has also appointed fmcg veteran Tim Kelly as its first chairman to help with the next phase of growth. He brings more than 40 years’ experience, including a decade serving on boards at the likes of Vegetarian Express and Burts Snacks, as well as spells at Premier Foods and Diageo.

Existing backers invested another £1.8m in the latest round, which Allplants said marked “a significant milestone on our pathway to profit”.

It follows a substantial cash injection in the summer of 2023, as the brand finalised an extension to its 43,000 sq ft manufacturing facility in a bid to expand capacity to 300,000 meals a week.

Allplants has racked up heavy losses since Jonathan Petrides and brother Alex launched the business in 2016. A reset at the end of 2022 aimed to improve the bottom line, generate efficiencies and lower marketing spend.

CEO Jonathan Petrides told The Grocer Allplants had made “remarkable strides” in the first year of an ambitious two-year turnaround plan.

He expected the business to be profitable at an underlying level within the next two or three quarters, driven by a mix of growth and cost savings. Petrides added the improvements had “fortified investor confidence”.

Allplants, which makes a wide range of meals, side dishes, breakfast and dessert options as well as smoothies from its own factory in east London, has also transitioned from a pure-play DTC brand into an omnichannel business, operating across retail and foodservice.

It is now listed in Ocado and independents, as well as with q-commerce sites such as Deliveroo Hop and Zapp.

Petrides said its next move was a move into co-manufacturing for heritage and challenger brands, with launches scheduled throughout the rest of 2024.

“We’re thrilled to see our vision come to life as we close in on profitability,” Petrides added. “This additional funding is a testament to the hard work and dedication of our team and the unwavering support of our investors.

“We’re more committed than ever to making plant-based eating seductively delicious and easy for everyone.”

Tim Kelly said: “I’m excited to join Allplants at such a pivotal moment. The progress the company has made is impressive, and I look forward to working with the team to drive further growth and innovation.

“Together, we will continue to lead the way in transforming the plant-based food category, inspiring the planet to eat more plants.”

The latest investment round was led by investment firm Re:Food, with participation from other existing investors including Molten Ventures, Felix Capital and Otiva.

Peter Odemark, Re:Food managing partner and Allplants board director, added: “Allplants’ journey to profitability and their successful expansion into omnichannel sales distribution demonstrate the company’s strong operational excellence and powerful category-shaping brand.

“The team discipline to achieve this whilst strengthening food quality and their sustainability standards positions them perfectly for continued success leading the plant-based food market.”

Allplants has raised more than £41m across several rounds, including a £38m Series B raise in 2021 and £4.5m from more than 2,000 crowd backers in 2020, which was the UK’s biggest vegan crowd campaign at the time.