The round was led by Maven Capital Partners, which was sting through its Northern Powerhouse Investment Fund II, with support from the British Business Bank.
Meanwhile, Perfect Redd, the venture capital arm of Samworth Brothers, also made a follow-on investment in the round, with the investment set to be used to fund its marketing, sales and product development efforts and boost its growth in the UK and internationally.
Founded in 2019 by Ross and Alexandra Longton, Tiba Tempeh is a certified B-Corp that offers a range of tempeh products, including an original block, plant-based mince and a selection of marinated pieces.
Its products are made from 100% natural and organic ingredients and contain more than 22g of protein per 100g. They are also high in fibre, vegan, and gluten-free.
According to data from Nielsen, Tiba Tempeh saw retail sales value increase by 736% last year, making it the fastest-growing brand in the UK chilled meat-free category. During 2024, the brand contributed £1.2 million in retail sales value and now has listings Sainsbury’s, Morrisons and Ocado, as well as with leading retailers in Spain and France.
“We’re incredibly proud to be the fastest-growing brand in the UK’s chilled meat-free category, fulfilling consumer demand for more natural and nutritious products,” said Ross Longton.
“The investment will help us accelerate our growth and support our mission to create a healthier world by inspiring people to enjoy more delicious, naturally healthy, and sustainable plant-based food.”
Meanwhile, investment manager at Maven Capital Partners, Rebecca MacDermid, described Tiba Tempeh as an exciting brand operating in a market where there is increasing demand for “more natural and healthier meat-free alternatives”.
“[There is] a focus on higher nutritional and protein content, which Tiba Tempeh products provide,” added MacDermid.
“Alex and Ross are a fantastic team with a wealth of experience in the food industry, which will allow the business to experience continued success. We are pleased to support the next stage of their growth as they expand their market presence across the UK and Europe.”
