UK: Meatless Farm prepares £5m crowdfunding campaign
Yorkshire-based company weighs up different financing options following discussions with multiple stock exchanges
Yorkshire-based meat-free manufacturers Meatless Farm is preparing to launch a £5 million crowdfunding campaign to fund further product development.
According to a report in the Guardian, the company is considering different financing possibilities after liaising with a number of stock exchanges, including the London Stock Exchange.
Meatless Farm previously raised £38 million in private capital over the last three years, including £31 million just last year to fund geographical expansion.
The firm is now looking to appeal to retail investors with a starting stake of only £10.
The Crowdcube campaign, set to launch in just under five days, highlights the company’s 148% growth in sales in 2020.
Although, revenue forecast for 2021 is set to be lower than previous years on Covid-19’s impact on its foodservice business.
A statement on the Meatless Farm website said: “For the first time, we are offering our supporters, customers and other friends the opportunity to join existing investors in the company’s quest to accelerate the plant-based revolution.”
It estimates the plant-based market will have a total addressable market (TAM) of $290 billion by 2035.
The Guardian reports that the investment will take the form of a convertible note that will convert to discounted shares in the next corporate equity funding round.