Huel produces plant-based food powders and meal-replacement drinks marketed as nutritionally complete food. The company emphasizes sustainability, citing that its meals contribute “50% less carbon footprint than the average US meal” and highlighting a strong B-Corp score. Huel reported £144m ($175m) of revenue in the twelve months to July 2022, a 41% increase on 2021, and its 2023 financial results were due to be announced later in the month. Management says the business has resilient margins and strong cash generation, and it is focused on continued growth. CEO James McMaster framed the partnership with investors as support for the company’s global expansion and mission to scale sustainable nutrition. Huel produces low-sugar, plant-based nutritional products across powders, ready-to-drink bottles, snack bars and hot lunch options. Since Julian Hearn started the company in 2015, Huel has sold more than 270 million meals worldwide and expanded beyond the U.K. into markets including the U.S., Germany and Japan. The business has grown to about 250 employees and operates a small New York office. Year-over-year revenue grew 40% to $170 million, driven by new customer acquisition, product launches and a shift from pure direct-to-consumer toward retail distribution. Huel plans continued international expansion—with a particular focus on the U.S.—and ongoing product innovation across online and retail channels. The company also expects to work with investor partners on climate-related initiatives tied to low-carbon diets. Huel is a UK-based maker of powdered, nutritionally complete meals and meal alternatives. Its core products are vegan powdered foods formulated to provide proteins, carbohydrates, fats and at least 100% of the EU’s daily recommended amounts of 26 essential vitamins and minerals. The company highlights nutritional metrics including 148g protein and 35g fiber per 2,000 calories, just 4.6g of sugar per 2,000 calories (no added sugar), minimal packaging and a 12-month shelf life to reduce food waste. Huel has expanded its line to include Huel Granola in two flavours made from whole-food ingredients with added vitamins and minerals. The company has sold over 25 million meals across 80 countries and operates with a team of 65 based in the UK, LA and Berlin. It plans to use new capital to accelerate expansion into new territories and continue product development.

Total raised

$50M

Funding rounds

3

Latest round

Equity

Latest activity

Nov 2022