International legal practice Osborne Clarke has advised BGF and CPT Capital on a £11million equity fundraising round for THIS, a plant-based, meat alternative brand.
The new investment, which makes history as the UK’s highest ever series A fundraising round for a plant-based meat brand, will support the rapid growth of the business, the expansion of its R&D capabilities and help to bring to market an exciting pipeline of new products and distribution points across the UK.
THIS was founded in June 2019 by Andy Shovel and Pete Sharman as a plant-based food brand for meat-lovers. Following two years of extensive research and development with a team of food scientists, its products were created as alternatives designed to replicate the taste, texture and flavour of popular meat products.
THIS™ was listed by Kantar in the top 10 most valuable FMCG product launches of 2020. In under two years since launching, THIS™ has been stocked in over 8,900 retail distribution points (an annual growth rate of 633%) in all four of the UK’s major grocers. The products also feature in outlets including Prezzo, Pho and Honest Burgers. The brand has sold 22 million portions of its products – enough to feed the populations of Greece and Portugal combined. As a result, THIS™ is making a positive impact on the environment having saved 6.7million kilograms of CO2 (when compared with production of equivalent real meat).
In recent years, plant-based meat alternatives have become increasingly popular amongst consumers worldwide and in the UK owing to changing dietary preferences and environmental considerations. The market is now valued at $4.2bn globally and at $0.8bn in the UK, growing at 17% annually.
The Osborne Clarke deal team was led by Associate Director James Taylor alongside Partners Simon Jones, Mathias Loertscher and Associate Josephine Healy.
Osborne Clarke’s international venture capital practice is widely recognized as a leading European law firm for companies operating in the retail and consumer sector. The Venture Capital team is ranked tier one by The Legal 500 and has experts across London, the Thames Valley and Bristol. It has an outstanding track record advising start-ups, global market leaders, angel investors and institutional VC/growth capital investors on funding rounds, follow-on rounds, venture debt facilities, IPOs, trade sales and buy & build projects.