Plant-based food company allplants has secured £38 million Series B funding round led by Draper Esprit, a venture capital that boasts Revolut, Cazoo and Trustpilot as part of its portfolio. The round is the biggest ever Series B raise by a plant-based food company in Europe and follows record-breaking crowdfund and Series A rounds.
Other investors involved in this round include CPG fund The Craftory, Silicon Valley-based TriplePoint Capital, Roma footballer Chris Smalling who recently invested in Spanish vegan food company Heura, Inter Miami FC footballer Kieran Gibbs, and Cassandra Stavrou MBE, founder of the UK snack company PROPER Snacks.
Existing investors Felix Capital, the venture fund behind Oatly, Deliveroo and Peloton, and Octopus Ventures, early backers of Zoopla and Depop, also participated.
Founded by brothers Jonathan and Alex Petridesa, allplants’ revenues have more than doubled every year since launching in 2017.
The food company intends to use the latest investment to increase its plant-based kitchen in Walthamstow, London, to six times its current size, enabling it to meet its direct-to-consumer UK market. It will also build scalable capacity for rapid distribution into other channels. The investment will also help allplants expand its team: from additional culinary-school-trained chefs through to operations, innovation, marketing, and technology.
allplants will also expand its food range, creating a wider selection of meals as well as developing a broader range of product categories.
allplants’ plant-based meals are handmade 24 hours a day by 140 chefs in the company’s own kitchen – Europe’s biggest plant-based kitchen running on 100% renewable energy – and delivered across Great Britain.
The large range includes Rigatoni Bolognese, Teriyaki Udon, Three Mushroom Risotto, Nacho Bean Chilli, Lasagne Noci, Tofu Pad Thai, Lentil Moussaka, Tofu Saag Paneer, Cranberry and Walnut Loaf and Protein Power Bowl. The service works as a subscription, which can be cancelled or paused at any time. Customers pick a box of six meals of their choice, or choose bundles, place their order online and pick a delivery that suits them. The meals arrive frozen and just need to be heated.
Jonathan Petrides, founder and CEO of allplants, said: “In the five years that we have been cooking, we’ve seen the demand for plant-based food explode. We’ve got a tonne of exciting plans to bring the movement to even more people’s kitchens, and this investment will allow us to do just that.
“Food choices are deeply personal, so quality and taste will always come first for us – it’s the driver of everything we do, and what makes it so easy for our customers to include more plants in their diets without the compromise. We can now imagine, create and serve up many more delicious recipes and products, to ultimately accelerate the transformative impact that plant-based living will have on the future of our planet.”
Nicola McClafferty, partner, Draper Esprit, said: “This is an extremely exciting investment for Draper Esprit. allplants is uniquely positioned at the intersection of some of the fastest growing areas in food consumption today: high quality, plant-based meals that deliver on taste, sustainability and nutrition in an incredibly convenient way for consumers.
“JP and the team have established a stellar brand with very clear values, incredibly strong growth and a loyal customer base. allplants has real potential to scale its direct-to- consumer business while expanding into new channels both in the UK and beyond. We believe it can be a global brand, bringing nutrition, taste and convenience to the plant- curious consumer and we are delighted to be supporting the team as they grow and thrive.”