News
THIS launches crowdfunding campaign after reporting 47% growth
The campaign will open privately to investors that pre-registered on 1 March, before becoming available to the general public a week later.
The raise will offer investors convertible loan notes, which will convert to equity at the next financing raise, which THIS expects to take place later in 2024.
To date, the meat alternatives producer has already raised £12m courtesy of more than 4,000 investors across two previous campaigns with Seedrs.
In 2023, THIS grew by 47% and posted an annualised revenue of close to £22m. This makes it the largest independently owned meat-free brand in the UK, and the fourth largest overall.
‘Big couple of years for THIS’
Commenting on the launch of pre-registration for the raise, THIS co-founder Andy Shovel said: “We’ve achieved massive, hairline receding growth at THIS, from 0 to £22m annualised sales in 4.5 years. And today THIS is the UK’s fastest-growing food brand. Our Seedrs community have been awesome and we’re grateful for all their support so far. Now we have loads of exciting product launches, a new (premier league) CEO and profitability in our sights, so it’s going to be a big couple of years for us."
THIS plans to use potential new funding to support its growth in the UK and around the world, increase its efficiency, boost R&D and bolster its marketing efforts. The brand also intends to launch a range of new products.
Meanwhile, the crowdfunding campaign comes not long after the firm announced the appointment of Mark Cuddigan as its new CEO, with the former Ella’s Kitchen boss taking up the role earlier this month.
Cuddigan has replaced Shovel and fellow co-founder Pete Sharman who had previously acted as co-CEOs, although both remain involved with the business on a day-to-day basis.
In other news, a Welsh food wholesaler is planning to create 150 jobs and open a new depot as part of its £6m expansion plan.
