Plant-based brand This is returning to the crowd for the final time ahead of a major funding round planned for later this year. Despite the challenges faced by the plant-based category, This saw a 48% increase in revenues to £19m in 2023, with annual sales reaching £22m by December. The company, which produces hyper-realistic meat alternative products, has opened pre-registration for a Seedrs crowd campaign, with the round set to go public by the end of the month. This has already raised £12m from over 4,000 Seedrs investors and expects this to be its last crowdfund as it aims to turn a quarterly profit by the end of the year. The new funding will be used to support 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 as Mark Cuddigan takes over. Cuddigan aims to lead the business from an SME to a plant-based powerhouse. This is currently the largest independently owned meat-free brand in the UK and has outperformed other brands in the top 20.
Preparing for Profitability: Crowdfunding Campaign Ahead of Move
In conclusion, utilizing crowdfunding campaigns as a strategy to prepare for profitability and growth can be an effective way to engage with the community and secure necessary funding. By returning to the crowd for support ahead of a major funding round, businesses can continue to supercharge their growth and move closer to achieving profitability. This approach can not only provide financial support but also build a loyal customer base and generate excitement around the company’s future endeavors.
In conclusion, the crowdfunding campaign ahead of the move is a crucial step for the product to achieve profitability and sustain its growth. By engaging with the crowd for support, the product is taking proactive steps towards securing the necessary funding for its expansion plans. With a clear focus on moving towards profitability, this strategic approach is likely to set the product on a path towards long-term success.