The U.K.’s fastest-growing meat alternatives brand, Meatless Farm, has raised $31 million to support its ambitious plans to grow in the U.K., Europe, U.S. and Asia as global markets build back better as they emerge from the COVID-19 related lockdown.
The funding round follows a previous round of $17 million raised by the company. The $31 million, has come from a mixture of existing and new private and family office investors, all of whom have a commitment to sustainable investing. The proceeds will be used to further establish the brand in existing markets, access new regions, expand its product line and build out manufacturing operations in Canada.
With the market for plant-based food estimated to grow by 17% to $4.2 billion in 2021, on the back of increasing awareness of the health and environmental benefits of cutting down on meat, Meatless Farm has ambitious plans to expand in all its key markets and to grow its product range. The company has four offices worldwide–Leeds, Amsterdam, New York and Singapore–and is set to continue its double-digit sales growth in the years to come.
This summer Meatless Farm ran a nationwide U.K. advertising campaign aimed at converting meat eaters and focusses on the more meaty taste of the new formula burgers and sausages. The campaign included traditional print advertising, branded electric cars driving through London, billboards and bus signs and a Meatless drive-through restaurant as well as radio and TV advertisements.
Morten Toft Bech, founder of Meatless Farm, said: “We are seeing strong demand for our plant-based burgers, sausages and mince across all markets and see fantastic opportunities to grow the Meatless Farm brand rapidly as people look to eat more healthily and sustainably post Covid-19. Our ambition is to continue to expand our global operations organically whilst also looking to participate in M&A activities around the consolidation of smaller plant-based companies."
The funding round was managed by recently appointed Meatless Farm director, Leopoldo Zambeletti, who has over 20 years investment banking experience at firms including JP Morgan and Credit Suisse.
Leopoldo said: “This funding round gives Meatless Farm the ability to take advantage of the consumers’ desire to change lifestyles as people aim to ‘build back better’ in the wake of Covid-19. Fundraising during the lockdown brought its own unique challenges, but the strength of the brand, the sustainable mission, the excellent management team and proven execution to date resonated well with existing and new investors alike.”
Started in Leeds in 2016, Meatless Farm spent over two years blending, researching, experimenting and trialling different recipes and ingredients to create its range before launching in 2018.
It is now on sale in all four major U.K. supermarket chains, in Whole Foods in the U.S. and in many other countries. Sales are growing at nearly 180% per annum on a like for like basis in the U.K. and it has become a serious contender in the global plant-based market, alongside U.S. groups Impossible Foods and Beyond Meat.
Source: Meatless Farm
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