Vegan confectionery firm LoveRaw has received a “seven-figure” investment from venture capitalist – and Beyond Meat-backer – Blue Horizon Ventures.
The amount of equity offered, as well as the financial details of the deal, were undisclosed.
In signing the deal, Blue Ventures will support LoveRaw’s founder Rimi Thapar in her ambition of “successfully disrupting the vegan confectionery industry”.
“Together we will work to provide consumers around the world with plant-based and ‘clean label’ products from the indulgence category and aim to convert the current product options towards more sustainable and eco-friendly alternatives,” said Michael Kleindl, founder and managing partner of Blue Horizon.
“We are confident that LoveRaw has the opportunity to become market leaders in their sector.”
Thapar, who last year rejected a £50k offer on Dragons’ Den to retain a higher stake in the business, said having Blue Horizon on board was “game-changing”.
“Regardless of the investment, our values align with theirs. We are all on a mission to make plant-based eating the norm and to also turn LoveRaw into an international brand,” she added.
“We are so glad that we waited for the right investor and didn’t buckle when the Dragons’ Den offer came in when we so needed it!”
Established in 2013, LoveRaw now manufactures its 100% natural, vegan chocolate buttercups in five flavours including Hazelnut, Salted Caramel and Peanut Brownie. The products are sold in major supermarkets, including Whole Foods Market, Ocado and Waitrose, across 10 countries.
It now claims a 98% year-on-year growth rate as well as a 200% increase in monthly sales.
Following the investment, Grenade co-founder Juliet Barratt has also been appointed as non-executive director of LoveRaw.
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