Allplants, the UK ‘chef-to-customer’ service, has raised a record-breaking £38 million Series B funding round. The company has seen three consecutive years of triple-digit revenue growth. This represents the biggest ever Series B round for a European plant-based food business.
The record- breaking round included new investors such as CPG fund The Craftory, and former England international footballers Chris Smalling and Kieran Gibbs. Allplants claims its growth is due to the rapidly growing ‘plant-curious’, or flexitarian market, a sector it has targeted with its ‘We’re allplants. You don’t have to be’ marketing campaign.
According to the brand, more than two-thirds of allplants customers are not vegan or vegetarian. founder and CEO Jonathan Petrides said in an interview with Vegconomist; “76% of these investors are not vegan, and 73% of investors believe there is a lack of healthy and nutritious plant-based meals available in the UK”.
Since its launch in 2017, the company’s revenues have more than doubled every year. Thanks to the new funding and investment, allplants will increase its plant-based kitchen in Walthamstow, North London, making it six times its current size, and build scalable capacity for rapid distribution into other channels. The company will also look to bring new talent into its team and broaden its range of product categories.
“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,” explained Jonathan Petrides.
“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.”
