The European growth equity sustainable investment platform will take two seats on the board of THIS, a UK-based plant-based food manufacturer, as part of the deal.
THIS will aim to use the injection of cash to accelerate its growth in the UK through the launch of new product ranges that cater to evolving consumer health preferences, while also continuing to boost the profitability on its core products.
Since 2019, THIS has raised close to £35m from institutional and crowdfunding investors that include BGF, Backed VC, Five Seasons Ventures, Idinvest Partners, ECG Research, CJ Corporation, Manta Ray Ventures, Kreos Capital, Seedcamp, ITV and footballer Chris Smalling.
Co-founded by Pete Sharman and Andy Shovel, former Ella’s Kitchen CEO Mark Cuddigan was brought aboard in February 2024 to spearhead the next stage in the firm’s journey.
Last year, THIS grew its revenue by nearly 50% to become the third-largest meat alternative brand in the UK. Its range of products includes meat-free pork sausages, beef burgers, lamb kebabs and chicken shawarma.
Commenting on the investment, Cuddigan said: ”We are excited to welcome Planet First Partners into the THIS family. Our partnership will be key as we continue to lead a revolution through our plant-based food to protect animals and the environment, growing brand love to become market leaders in the UK.”
Planet First Partners said that the investment forms part of its commitment to scale businesses which directly contribute to the climate transition.
Frédéric de Mévius, chair of Planet First Partners, added: “We are thrilled to partner with THIS and support its mission to revolutionise the food industry. We believe the company is uniquely placed to capitalise on growing consumer preferences for sustainable and healthy food alternatives, whilst supporting the environment. I am personally excited to put my experience as a consumer investor behind a sustainable brand that is totally aligned with our fund’s sustainability objectives and the UN Sustainable Development Goals.”
To learn more about THIS and its journey to date, listen to Shovel's recent appearance on the Food Manufacture Podcast.
