Meatless Farm has raised £24 million to fund growth nationally and overseas post-lockdown.
The Leeds-headquartered meat alternative brand aims to “build back better” in the wake of the COVID-19 pandemic with ambitious to grow in the UK, Europe, US and Asia.
This latest funding – which follows a previous round of $17m – comes from a mix of existing and new private and family office investors, all of whom have a commitment to sustainable investing.
The funding round was managed by recently appointed Meatless Farm director, Leopoldo Zambeletti, who has over 20 years investment banking experience at firms including JP Morgan and Credit Suisse.
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 out the manufacturing operations in Canada.
“We are seeing strong demand for our plant-based burgers, sausages and mince across all markets and see fantastic opportunities to grow the Meatless Farm brand rapidly as people look to eat more healthily and sustainably post Covid-19,” said founder Morten Toft Bech.
“Our ambition is to continue to expand our global operations organically whilst also looking to participate in M&A activities around the consolidation of smaller plant-based companies.”
He added: “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.”