allplants acquires Series B funding for its vegan products
The market for plant-based food products has grown exponentially with the coronavirus pandemic playing a significant role in its success—as more people focus on healthy living and purchasing sustainable products. Many vegan start-ups have been successful in procuring funds to bring their products to market and continue to expand their offerings thereafter.
What makes allplants sustainable?
allplants has developed a meal subscription service strategy that delivers ready-made vegan meals to consumers. The company—founded by Jonathan and Alex Petrides in 2016—caters for vegan customers and others who are conscious of their dietary impacts on climate change, encouraging more customers to try a plant-based diet.
Funding for sustainable growth
The company has recently completed a Series B funding round, which is said to be the most successful of all European plant-based businesses. Following its record-breaking crowdfunding and Series A rounds, allplants raised capital of £38mn for its continued growth and ‘flexitarian’ approach to food consumption—now a £100bn market.
The funding round introduced new investors to the company, including The Craftory, TriplePoint Capital, as well as international footballers Chris Smalling, Kieran Gibbs, and Cassandra Stavrou—founder of the company PROPER Snacks. The business also received some repeat interesting from previous investors Felix Capital, Deliveroo, Peloton, Octopus Ventures, and the venture capital fund behind the Oatly brand.
Jonathan Petrides, says, ‘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’.
He also discusses the importance of providing great products to consumers. ‘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’.
For more sustainability insights, check out the latest issue of Business Chief Magazine.
