THIS kicks off crowdfunding campaign and raises nearly 150% of its target in two days
Plant-based meat alternative company THIS has already surpassed its equity crowdfunding target of £4M by nearly 50%, after launching the month-long campaign just two days ago (20.6.2022).
Crowdfunding investors have so far pledged more than £5.7M to the company, with 28 days still to go.
The share price for THIS is currently £98.63, and at the time of writing, more than 2,000 investors have supported the campaign.
Andy Shovel, Co-Founder of THIS, told Food Matters Live: “We’re blown away by the support. It’s a huge milestone. And testament to the confidence in not only us as a business, but the plant-based market.”
Shovel also told the Evening Standard that the money raised by the campaign will support the plethora of projects THIS has in the pipeline.
This includes expansion to Germany and “another European country”, launching with an as-yet-unnamed worldwide restaurant chain and the building of a £3 million innovation centre lab in Chiswick.
Shovel said the centre would be billed as an ‘animal retirement home’, since one of THIS’s main aims is to “eventually force the world’s livestock into retirement”.
THIS has gone from strength to strength since being launched to market by founders Andy Shovel and Pete Sharman in 2020.
The brand, which makes hyper-realistic alternatives to meat products like chicken chunks, bacon and sausages, sells around £1.4 million worth of its products every month.
In three years, the company has amassed an annualised revenue of £17.5M and has been valued at £150M.
The brand touts itself as making ‘plant-based food for meat-lovers’, with founder Shovel saying this is where much of THIS’ success comes from.
THIS has won a number of awards – including a Food Matters Live Award in 2020.
The campaign is being run on Seedrs, which itself is committed to advancing the success of plant-based meat alternatives. Back in April, the platform announced a partnership with Vevolution, in order to fund more plant- and cell-based start-ups.