VFC Foods produces KFC-inspired plant-based fried chicken products, including Chick*n Fillets, Popcorn Chick*n and a kids’ product called Chickn Stompers. The brand was launched in 2020 by Matthew Glover with co-founder Adam Lyons. It is stocked at major supermarkets including Tesco, Sainsbury’s, Asda, Morrisons, Ocado and Waitrose and says it has saved 278,718 chickens so far. VFC plans to use the new funding to accelerate UK growth and expand internationally, targeting the Nordics, Belgium and Spain next, with further moves into France, Germany and Australia. The company also intends to introduce chilled products later in the year and explore new eating occasions and formats. Veg Capital has been the sole investor to date and the business is open to further investment. VFC Foods develops and sells a vegan fried chick*n product, founded by Veganuary founder Matthew Glover and launched 13 months prior. The company has expanded into mainstream UK retail, including Tesco, secured listings in more of the UK’s top four grocers, entered mainland Europe, and gained traction with major foodservice wholesalers. VFC reports having spared 60,000 birds to date and is iterating its recipe (currently on the third iteration) to improve texture and flavour. The business raised £7.5m ($10.3m) in a seed round to fund capacity increases, team hires, marketing, R&D, and international upscaling. Management plans fast-paced expansion into the US after strong interest at Plant Based World Expo, including recruiting a US general manager and pursuing major US listings. Veg Capital, a mission-aligned ethical fund that donates profits to animal charities, led the round and reinvested via private fund Johnson Resolutions; a larger Series A is anticipated next year amid broad investor interest. VFC Foods, launched in December and founded in the UK three months prior, makes a vegan fried chick*n product created by chef Adam Lyons. The company is already operational in mainland Europe and has just entered the Spanish market while holding talks with retailers across other European territories. Founders Matthew Glover and Adam Lyons positioned the brand to outprice KFC and challenge the chicken industry; the founders say the launch required virtually no marketing and has generated enquiries from more than 50 countries. VFC plans rapid growth, targeting £20m in sales by the end of 2023 (equivalent to 3 million chickens) and £50m in the 2025 financial year (7.5 million chickens). The funding will be used to scale up production and accelerate brand growth in the UK and overseas, with Glover becoming CEO and Lyons overseeing operations.

Total raised

$21M

Funding rounds

3

Latest round

Seed

Latest activity

Apr 2023