The funding will allow the company to invest in new eco-friendly packaging, purchase additional stock to meet an increase in demand and hire four new staff to streamline distribution.
Commenting on the investment, Jenni Adams, London Regional Director, Small Business Banking at HSBC UK said: “HSBC UK is delighted to support Snack Fresh as it continues to grow. The sector has seen a shift in consumer behaviour, with greater emphasis placed on eco-friendly purchasing and Snack Fresh has worked hard to meet this demand.”
Nuts and spices
Snack Fresh is a wholefoods delivery company that sustainably sources nuts and spices and distributes them in bio-degradable packaging made from recycled paper.
The company has seen a considerable increase in demand over the past year, particularly from the vegan and vegetarian market as well as customers looking to buy from sustainable businesses.
Snack Fresh director Kamal Rao added: “HSBC UK has been instrumental in the development of the business and has been supportive of our growth ambitions. We are pleased to have hired four new staff to keep up with demand, as well as continue to invest in our eco-friendly packaging.
“Environmental sustainability is extremely important to us and we will look to continue our efforts with the aim of continuing to reduce and monitor our carbon emissions in order to become 100 per cent eco-friendly.”
Meanwhile, investment in vegan food tech companies is set to hit a record high in 2021, according to a new report from accelerator Huckletree.
More than £90m in funding has been secured by vegan food tech companies in 2021, racing ahead of the £64m raised from equity funding in 2020 – via 51 deals.