Allplants secures £1.8m investment and appoints chairman

By Gwen Ridler

- Last updated on GMT

Allplants has raised an additional £1.8m in finance
Allplants has raised an additional £1.8m in finance
Plant-based ready meals manufacturer Allplants has raised an additional £1.8m in finance as it announces the appointment of its first chairman.

The funding round, led by Re:Food, secured further investment from existing investors Molten Ventures, Felix Capital and Otiva.

Allplants said it had made ‘remarkable strides’ in the first year of its two-year ‘pathway to profit’ plan, with the business closing the gap to becoming EBITDA (earnings before interest, taxes, depreciation and amortisation) positive  by more than 80% within 12 months.

This recent cash injection has supported the manufacturer’s transformation from operating solely in the direct-to-consumer space to a truly omni-channel business with a presence in retail and foodservice channels.

‘Close in on profitability’

Jonathan Petrides, Allplants founder and chief executive, said: “We're thrilled to see our vision come to life as we close in on profitability. This additional funding is a testament to the hard work and dedication of our team and the unwavering support of our investors.

“We're more committed than ever to making plant-based eating seductively delicious and easy for everyone.”

To support the company’s next stage of growth, Allplants has appointed Tim Kelly as its first chairman of the board.

Kelly boasts a 40-year career within the food and drink industry and has held a number of directorships across some of the biggest names in the sector, including Premier Foods, Burts Snack and Veg Express.

Driving growth

Commenting on his appointment, he said: “I'm excited to join Allplants at such a pivotal moment. The progress the company has made is impressive, and I look forward to working with the team to drive further growth and innovation. Together, we will continue to lead the way transforming the plant-based food category, inspiring the planet to eat more plants.”

Food Manufacture spoke to Jonathan Petrides​ as part of our Me and My Team feature series to learn more about the journey the firm has been on to date, touching on its early beginnings and growing reputation within the sector.

Allplants’ plant-based meals are hand-made 24 hours a day by 140 chefs in the company’s own kitchen – Europe’s biggest plant-based kitchen running on 100% renewable energy – and delivered across the entirety of Great Britain.

Since 2017, more than 3.5m Allplants meals have been eaten, according to the company. The business has doubled revenue every year since launch.

Meanwhile, THIS has closed its Series C equity funding round after securing £20m in investment from Planet First Partners.

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