Meat alternatives brand, Meatless Farm, has raised £24 million to support its plans to grow in the UK, Europe, US and Asia as global markets build back better as they emerge from the Covid-19 related lockdown.
The £24 million has come from a mixture of existing and new private and family office investors, all of whom have a commitment to sustainable investing. The proceeds will be used to expand and further establish the brand in existing markets, access new regions, expand the product lines, and further build out the manufacturing operations in Canada.
With the market for plant-based food estimated to grow by 17% in 2021, Meatless Farm has ambitious plans to expand in all its key markets and to grow its product range. The company also has four offices worldwide – Leeds, Amsterdam, New York and Singapore.
This summer Meatless Farm ran a nationwide UK advertising campaign aimed at converting meat eaters and focusses on the more meaty taste of the new formula burgers and sausages. The campaign included traditional print advertising, branded electric cars driving through London, billboards and bus signs, and a Meatless drive-through restaurant as well as radio and TV adverts.
Morten Toft Bech, founder of Meatless Farm, said: “We are seeing strong demand for our plant-based burgers, sausages and mince across all markets and see fantastic opportunities to grow the Meatless Farm brand rapidly as people look to eat more healthily and sustainably post Covid-19. Our ambition is to continue to expand our global operations organically whilst also looking to participate in M&A activities around the consolidation of smaller plant-based companies.”
Started in Leeds in 2016, Meatless Farm spent more than two years blending, researching, experimenting, and trialling different recipes and ingredients to create its range before launching in 2018. It is now on sale in all four major UK supermarket chains, in Whole Foods in the US, and in many other countries.