A UK startup making vegan bacon and chicken has raised £4.7 million after a hugely successful launch.
THIS, whose products are available in Waitrose and Holland & Barrett stores across the UK - as well as multiple restaurants - has seen a compound growth rate of 35 percent month-on-month since its June 2019 launch.
The company, which has now raised a total of £5.6 million since 2018, will use the cash to expand its production capacity and R&D facilities.
'Strong first few months'
"We've been able to leverage our strong first few months to obtain this fantastic investment from strong partners," Andy Shovel - who co-founded THIS with Pete Sharman - said in a statement sent to Plant Based News.
"It allows us to massively boost our manufacturing capacity and crucially – to create a formidable innovation engine within the company, by establishing an internal R&D center."
'Champion of the category'
Among the investors were six VCs - Backed, (which led the round) Five Seasons Ventures, Idinvest Partners, Seedcamp and Manta Ray Ventures.
Ivan Farneti and Niccolo Manzoni, partners at Five Seasons Ventures, said: "Having invested in the most successful plant-based protein companies in the US in the past, we recognize the key attributes that could make THIS the European champion of this fast-growing category.
"[Its] strong Team, innovative technology, ability to build their online Tribe, and early commercial traction. This is why we backed Andy and Pete."