Meat alternative startup This has raised £4.7m from strategic venture capital investors to scale up operations and keep up with growing demand for its “fake meat” products.
The investment was led by London-based fund Backed alongside venture capital firms Five Seasons Ventures, Idinvest Partners, Seedcamp and Manta Ray Ventures.
The latest funds bring the total raised by This since 2018 to £5.6m.
The brand, which produces pea and soy-based products such as its This Isn’t Bacon rashers and This Isn’t Chicken goujons, said it would use the funds for manufacturing capabilities, R&D and new hires “key for the business to keep up with growing demand”.
Co-founder Andy Shovel said: “We’ve been able to leverage our strong first few months to obtain this fantastic investment from strong partners.
“It allows us to massively boost our manufacturing capacity and, crucially, to create a formidable innovation engine within the company, by establishing an internal R&D centre.”
Soaring demand for plant-based products resembling meat boosted This’ revenues to £3m since hitting shelves in mid-June 2019.
The brand is currently stocked by Ocado, Waitrose and Holland & Barrett as well as restaurant chains such as Honest Burgers, Chilango and Pure.
Backed partners Alex Brunicki and Andre de Haes said they were “thrilled to be backing the team at This”.
“Food sustainability is a topic we care a great deal about at Backed and is a major tailwind to be investing into,” they added.
“Andy and Pete [Sharman] have created a number of best-in-class products, nurtured a passionate community of customers and executed an ambitious distribution strategy in lightning-quick time.”