Meat alternatives company This has announced the closing of its Series C equity funding round at £20 million.
The round was completed by European growth equity sustainability investment platform Planet First Partners, through a combination of primary and secondary equity financing.
This will use the capital to accelerate growth in its UK home market through launches of new product ranges that ‘cater to evolving consumer health preferences,’ while boosting profitability on its core product range.
Mark Cuddigan, the company’s recently appointed new CEO, will lead a new strategy for the business that aims to support its continued gain of market share. Cuddigan will leverage his sector knowledge from his previous experience as CEO of Ella’s Kitchen.
He commented: “We are excited to welcome Planet First Partners into the This family. Our partnership will be key as we continue to lead a revolution through our plant-based food to protect animals and the environment, growing brand love to become market leaders in the UK.”
Planet First Partners, which supports businesses that directly contribute to the climate transition, said the latest investment into This complements its previous investments across themes such as green energy and industrial sustainability.
The company is spearheaded by executive chairman Frédéric de Mévius, who founded Verlinvest prior to establishing Planet First Partners in 2020. Verlinvest has supported food and beverage brands such as Oatly and Vita Coco. Planet First Partners will take two seats on the board of This.
Since 2019, This has raised £35 million from institutional and crowdfunding investors. It has also launched several new innovations in chilled and frozen, including This Isn’t Lamb Kebabs and This Isn’t Chicken Shawarma.
The company expanded its food-to-go range last year with the launch of This Isn't Chicken Korean-Style Noodle Salad, This Isn't Chicken & Bacon Pasta Salad, and This Isn't Chicken & Bacon Wrap.
This week, the company has issued a voluntary recall of all This Isn’t Chicken & Bacon wrap products with a use-by date on or before 18 June in relation to a nationwide E. coli outbreak. While no E. coli has been found in the product, This said the measure is being taken as a precaution.
This has recently streamlined its operations, consolidating its production from 17 sites down to three as part of efforts to improve gross margins.
