Meat alternatives brand Meatless Farm has raised £24m to support its plans for growth in the UK, Europe, US and Asia. The new finance has come from a mixture of existing and new private and family office investors, all with 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 the manufacturing operations in Canada.
With the market for plant-based food estimated to grow by 17% in 2021, on the back of increasing awareness of the health and environmental benefits of cutting down on meat, Meatless Farm plans to grow its product range and continue its double-digit sales growth.
Morten Toft Bech, founder of Meatless Farm, said: "This funding round gives Meatless Farm the ability to take advantage of the consumers' desire to change lifestyles as people aim to ‘build back better' in the wake of Covid-19. Fundraising during the lockdown brought its own unique challenges, but the strength of the brand, the sustainable mission, the excellent management team and proven execution to date resonated well with existing and new investors alike."