ITV has agreed to subscribe for £1.5m of shares in Plant Meat Ltd –with the option to subscribe for two additional tranches of £1.5m each – in return for advertising inventory as part of its Media for Equity investment fund.
THIS will be the fourth Media for Equity investment that the broadcaster has made this year and its first in a food business, following the likes of architectural design company Resi, pet health and Wellness company PitPat and pain relief brand Flarin.
First food business investment
Commenting on the surge of funding, THIS co-founder and co-chief executive Andy Shovel said: “ITV is a media powerhouse, and to have them as an investor, especially as their first food business investment, is super exciting.
“Not only did we get to make the porkiest plant-based TV ad ever, the scale of the investment means that we can reach audiences across the country and get closer to making meat-free the norm.”
The past three months has seen THIS add £1.6m to the chilled meat-free sector and has been named the fastest growing brand in the category by IRI Temple Total Grocery.
Reportedly the largest independently owned brand in the sector, the London based meat alternative business is forecast to hit £20m of revenue this year, more than 50% up compared with the previous year.
Sheena Amin, director of ITV AdVentures, added: “As the fastest growing plant-based brand in the UK over the last two years, with broad retail distribution and strong product innovation, THIS is very well positioned to continue its strong growth within the plant-based meat alternatives sector.
We expect consumer demand for conscious consumption to continue to grow and as a certified Bcorp with a broad set of products at attractive price points, THIS is the perfect brand to help make conscious eating accessible to all. With such a distinctive brand personality, I am confident that THIS’ upcoming TV campaign will stand out from the crowd and help the brand become a worthy household name.”
Meanwhile, Andy talked all things plant-based and the future of the THIS brand in our latest episode of the Food Manufacture Podcast.