Plant-based pizza start-up on the hunt for strategic investors to support co-manufacturing plans in new markets
Plant-based pizza business One Planet Pizza (OPP) is seeking to raise a £500,000 bridge financing round through an advanced subscription agreement (ASA) to support its expansion into the US.
The UK-based business plans to secure co-manufacturing partners in the EU to expand its reach and continue collaborating with local plant-based businesses.
OPP currently operates an in-house production unit at its headquarters in Norwich, but co-founder Mike Hill acknowledged the start-up will soon outgrow its current premises.
“We’re thinking about looking for a co-manufacturer, possibly one in the UK and one in the EU,” Hill told NutritionInvestor.
The bridge financing will support the company’s growth ahead of its Series A, which Hill expects to launch in March.
“We’re looking outside the UK for investment this time as a key part of this raise and the Series A will be the export markets so we’re interested in strategic investors that may be able to help us either on the co-manufacturing side or the sales and distribution side in other markets.” Hill said.
UK retail makes up 65% of OPP’s revenues as it maintains a strong presence in independent health stores around the UK, as well as Amazon’s Whole Foods in London and Booths in the North.
The company is weeks away from closing its first national supermarket deal, Hill said.
OPP has reduced recommended retail pricing across its product suite by 30% to make the brand more affordable. It is preparing to enter the immensely valuable food-to-go market with the launch of a ready-to-eat pizza pocket.
The brand has also committed to launching carbon labelling across its offerings to help consumers keep tabs of their carbon footprint and make more sustainable choices.
OPP closed its first £550,000 external investment round in 2020 with the support of UK VC Veg Capital and Scandinavian investor and distributor Kale United.
The bridge financing round will likely close in March.
For more information on investing in OPP, Mike Hill can reached at [email protected].
Date published: 26 January 2022