Led by billionaire author and investor Richard Koch, the funding round will support the manufacturer’s continued growth after it received greater demand for its pea flour and protein products.
Commenting on the investment, managing director Chris Harrison said: “We are absolutely delighted that investor confidence in Novo Farina means that we can increase production and relocate to bigger and better premises giving us room for future expansion to keep up with demand.”
Novo Farina uses whole yellow peas to produce sustainable and nutritious replacements for meat and wheat-based ingredients to serve the food manufacturing industry, food services and retail.
Leading Novo Farina’s range is Novo-Tex, a texturised pea protein developed as a meat substitute for plant-based burgers, sausages and other products. Other Novo Farina products include Pea Flour and Pea Crumb – all of which are gluten-free and vegan.
In 2020, Novo Farina launched its first retail product, Simpleas Snacks, which are stocked by WHSmith, East of England Co-op, Amazon and independent retailers.
Richard Koch added: “I am delighted to invest in Novo Farina, which has a unique series of healthy and ecologically sound food products and which is a terrific pioneer and star business.”
Since the beginning of 2021, a number of food and drink manufacturers have announced significant investments into increasing capacity and expanding their businesses.
Earlier this month, Anglesey-based Mona Island Dairy revealed plans to create 100 new jobs as part of a £20m investment into a new cheese factory at its existing facility.
Managing director Ronald Akkerman said the new factory will see turnover rise to £25m by 2022 and set new standards for the industry, boosted by the manufacturer’s plans to blend innovative and traditional methods to create Cheddar, Gouda, Edam and a range of artisan cheeses.
Meanwhile, Princes has finished the first phase of a £60m investment in its Cardiff soft drinks factory – the largest spend on that division, which will take the company into new markets.