The latest round of funding, led by London-based fund Backed, will support the development of the vegan food firm’s manufacturing capabilities, a new research and development (R&D) centre and a number of key hires for the business.
Carlos Espinal, Seedcamp managing partner, added: “Investing in the future isn't just about investing in hard-tech companies, it's also about investing in the future of our consumption and the sustainability of food sources and their long-term ecological impact.
‘Diverse and sustainable food supply-chain’
“We first invested in [co-founders] Pete Sharman and Andy Shovel and their incredible vision for This a few years back and are proud investors and customers of their delicious products, which not only address increased consumer demand for meat-free alternatives but also help contribute towards building a more diverse and sustainable food supply chain.”
This has now raised £5.16m since it was established in 2018 from 12 angel investors and its backers from the latest investment – Five Seasons Ventures, Idinvest Partners, Seedcamp and Manta Ray Ventures. The business recorded an annualised revenue of £3m for the year ended 31 December 2019.
Co-founder Andy Shovel said: “We’ve been able to leverage our strong first few months to obtain this fantastic investment from strong partners.
‘Formidable innovation engine’
“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.”
This’ products are now available in more than 1,200 outlets across the UK, including retailers Waitrose and Holland & Barrett stores, online through Ocado and on the menu of restaurant chains Honest Burgers and Chilango.
The manufacturer advertises its products as having a ‘hyper-realistic’ meat-like texture, made from pea and soy protein. Its range includes alternatives to chicken and bacon, marketed under the This Isn’t brand.