THIS (Plant Meat Limited) is a plant-based food brand founded in June 2019 by Andy Shovel and Pete Sharman that develops hyper-realistic meat alternatives following two years of R&D with food scientists and flavourists. Its award-winning pork, beef and chicken products are sold nationwide at major supermarkets, restaurants and cafes. The range is designed to replicate the taste and texture of popular meat products including sausages, burgers, chicken and bacon. The company is based in London and had 60 employees; in the audited accounts for the year ended December 2021 it reported gross assets of £15.5m and a net loss of £6.0m. THIS is described in the filing as the UK’s fastest-growing food company over the prior two years and is positioned to scale further through expanded TV advertising and distribution. THIS produces plant-based, hyper-realistic meat alternatives designed to be nutritious and great-tasting, with product lines such as THIS Isn’t Pork Sausages, THIS Isn’t Beef Plant-Based Burgers, THIS Isn’t Lamb Kebabs, and THIS Isn’t Chicken Shawarma. The company has secured strong repeat sales with the Big 6 supermarkets and grew revenue nearly 50% last year, becoming the third-largest meat alternative brand in the UK. THIS recently streamlined operations, consolidating production from seventeen sites to three, and reports ongoing operational enhancements that are improving gross margins every quarter. Under new CEO Mark Cuddigan, the company plans to accelerate growth in its UK home market through launches of new product ranges aimed at evolving consumer health preferences while boosting profitability on core products. The firm emphasizes sustainability and aims to increase adoption of plant-based protein diets to support environmental goals. THIS makes plant-based meat alternatives and positions its products to replicate animal-based meat. The company reports rapid revenue growth — £5.5m in year 1 (2020), £11.8m in year 2 (2021), £13m in year 3 (2022), £19.3m in year 4 (2023), and an annualised £22.3m after 4.5 years trading. It offers over 18 products that are distributed in nearly 24,000 stocking points across major UK grocers and is partnered with restaurant chains including Greggs, Caffè Nero and Prezzo. THIS is also listed with major wholesalers including Bidfood, Brakes, Wholegood, Blakemore and VegExpress, supplying hotels, pubs, cafes, caterers, restaurants and independent shops. The founders previously exited the meat burger chain Chosen Bun and have stepped back to appoint Mark Cuddigan as CEO; Cuddigan previously helped grow the UK’s leading baby food brand from c.£24m to c.£86m in sales. The company plans to launch a minimally processed wholefood-based range in 2024 and says it is investing in an innovation engine while driving toward profitability. THIS is a UK plant-based meat brand producing plant-based meat alternatives and has recently launched a product line into Tesco. The company recorded 333% year-on-year net sales growth in 2021, indicating rapid commercial expansion. Last year THIS closed an £11 million Series A, reported as the largest ever Series A for a UK-based alt meat brand. It launched a record-breaking crowdfunding campaign on Seedrs that hit a £4 million target in 1 hour and 40 minutes during pre-registration and has since risen to almost £5.8 million. The crowdfunding round is live until mid‑July and allows private investors to invest from £10; proceeds will support innovation, marketing, and the brand’s first international expansion. THIS plans to open a new innovation centre in West London this year to support product development and scaling. THIS is a hyper-realistic plant-based meat brand founded in 2019 by Andy Shovel and Pete Sharman and headquartered in London. The company develops plant-based meat products for meat eaters and has sold 22 million portions to date, recording a 530% growth rate over two years during the pandemic and claiming 6.7 million kilograms of CO2 emissions saved. THIS uses high-moisture extrusion technology and has submitted two patents related to that use. The business plans to expand R&D, grow its in-house R&D team four-fold, and develop all recipes in-house at a new ‘Willy Wonka’ style R&D Centre in London. It intends to bring a large lineup of new products to market and set up distribution points across the UK to scale sales.

Total raised

$61M

Funding rounds

7

Latest round

Equity

Latest activity

Nov 2024