Preparing for Profitability: Crowdfunding Campaign Launched

Plant-based brand This is preparing for a major funding round later this year as it aims to continue its rapid growth and achieve profitability. Despite challenges in the plant-based category, This saw its revenues increase by 48% to £19 million in 2023, with annual sales reaching £22 million by December. The company, which produces hyper-realistic meat alternative products, has opened pre-registration for a Seedrs crowd campaign and plans to go public by the end of the month. The funding round will be convertible, with investors converting their backing into equity during a larger financing round planned for 2024. This has already raised £12 million from over 4,000 Seedrs investors and expects this to be its last ever crowdfunding campaign as it aims to turn a quarterly profit by the end of the year. The new funding will support further growth in the UK and internationally, enhance marketing campaigns, improve manufacturing and R&D efficiencies, and launch a new range of healthier products. Co-founders Andy Shovel and Pete Sharman will step back as co-CEOs next week as Mark Cuddigan takes over leadership of the company. Cuddigan aims to lead This from an SME to a plant-based powerhouse. This has become the largest independently owned meat-free brand in the UK, surpassing other brands in the top 20. The company attributes its success to increased retail growth, expansion into the Netherlands, and growing brand awareness. Since January 2024, This has experienced one of its biggest sales weeks driven by in-store activations, Veganuary demand, and new product launches. Since 2019, This has raised £35 million from institutional and crowdfunding investors.

Source: bing.com