THIS announces crowdfunding campaign
The London-based chicken and pork meat alternative has chosen Seedrs to raise fresh capital from the public
This, a UK plant-based meat start-up marketing chicken and pork meat alternatives, seeks to raise fresh capital through a crowdfunding campaign on Seedrs. Headquartered in London, the company said the business has a healthy cash balance of about £3 million.
“Our aim is to accelerate growth, rather than stay alive,” reads a statement on the Seedrs pre-registration website.
Andy Shovel and Pete Sharman launched THIS in June 2019 to bring to market substitutes for chicken and pork using the protein extracted from soy and pea.
The crowdfunding announcement comes after five months since the start-up closed a £4.7 million ($6 million) in seed funding led by London-based investment fund Backed with further investments from Five Seasons Ventures, Idinvest Partners, Seedcamp and Manta Ray Ventures.
THIS has raised £5.6m from VC funds to date.
The company has been growing quickly. “Our products are now in over 2000 stores and restaurants (including Tesco, Waitrose, Ocado, and Honest Burger), we’re listed with wholesale behemoth, Brakes,” the team said in a statement. “We’ve also agreed to launch in two additional major supermarket chains in 2020.
Funding future growth
THIS is now looking for fresh capital to grow its marketing reach, boost manufacturing capability to keep up with demand and expand innovation pipeline.
The founders have spent nearly two years developing packaged meat products that could be produced more sustainably than the traditional meat and poultry industry.
The THIS range comprises ready-to-cook and ready-to-eat chicken and pork products. These products are fortified with vitamin B12 and iron.
Announcing the crowdfunding campaign, the founders have also revealed that work is under way for building a plant-based innovation centre in London.
NutritionInvestor has reached out to the founders to find out more details.