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[[File:This logo.jpg|thumb|THIS logo]]
[[File:This logo.jpg|thumb|THIS logo]]
'''THIS™ makes plant-based food for meat-lovers.'''
'''THIS™ makes award-winning plant-based food for meat-lovers.'''


== Summary ==
== Business highlights ==


* THIS is a company that's on a mission to change meat-eaters preconceptions of plant-based food.<ref name=":1" />
* Fastest growing plant-based meat brand in the UK (333% YoY)
*It has a total of 11 products, all of which are plant-based foods.<ref name=":1" />
* £17.5 million annualised revenue after just 2.5 years of trading<ref name=":0">based on unaudited management accounts.</ref>
*The size of the global food market as of today (26th June 2022), in terms of revenue, is $8.3 trillion.<ref>https://www.statista.com/forecasts/1243605/revenue-food-market-worldwide</ref>
* 10,000+ retail distribution points across all major UK retailers
*The degree of risk associated with an investment in THIS is higher than in a company that's say trading on a public market (such as Beyond Meat).
* Partnerships with many of the UK's flagship restaurant chains


== Operations ==
== Introduction ==
<vimeo>720733039</vimeo><ref name=":1" />
<vimeo>720733039</vimeo>


=== How did the idea of the company come about? ===
THIS™ makes plant-based products, designed to make animal-based products feel like a massive waste of money.
The idea came to the founders of the company when they were looking for an alternative to meat and were unable to find anything suitable.<ref name=":1">https://www.seedrs.com/this</ref> In their quest to create the world's most realistic meat alternatives, the company was born.


=== What's the mission of the company? ===
Having launched just under 3 years ago, THIS™ is now the fastest-growing meat alternative brand in the UK (333% for FY 2021). THIS™ has also recently hit an annualized revenue of £17.5million (based on Jan 2022 sales*). Revenue growth has been fairly punchy since launch:
THIS™ is on a mission to change meat-eaters preconceptions of plant-based food.<ref name=":1" />
===What's the company's main offering(s)?===
THIS™ has 11 products, all of which are plant-based foods.<ref name=":1" />


=== From which place(s) are the offerings able to be purchased? ===
£5.5m in year 1 (2020)<ref name=":0" />
The main places that the offerings are able to be purchased is through the company's website, major UK retailers, which is estimated at 10,000 retailers, leading UK restaurant chains, major wholesalers (such as Bidfood, Brakes, Wholegood, Blakemore, and VegExpress) and delivery retailers (such as Getir, Gorillas, Zapp & GoPuff).<ref name=":1" />


== Key accomplishments to date<ref name=":1" /> ==
£11.8m in year 2 (2021)<ref name=":0" />


* THIS is the fastest-growing meat-alternative brand in the UK (333% YoY)
THIS™ was created when Andy & Pete (co-founders) checked out meat-free food - as meat-lovers at the time, and decided that they didn't overly want any of it. After successfully exiting their meat-based restaurant business, Chosen Bun, Andy and Pete set out to make the most realistic meat alternatives in the world.
* In under three years, THIS has gained listings in all the major UK supermarkets, including Tesco, Sainsbury's and Asda Morrisons.
* The repeat purchase rate of its products is 39%.
* THIS has raised £20m in funding.
* THIS is listed on the menu of some of the biggest restaurants and hotels in the UK, such as Caffe Nero, Premier Inn and Ask.
* THIS has had a significant amount of press coverage, with >600 mentions/features, reaching >1.4 billion readers.
* THIS is the first plant-based meat brand to feature on the menu of a UK Michelin-starred restaurant.
* THIS has >100,000 followers on Instagram.


== Competition ==
THIS™ has a range of 11 products, which are now in over 10,000 distribution points across all major UK retailers. The brand has also partnered with leading restaurant chains in the UK.
{| class="wikitable"
|+Competition comparison<ref name=":1" />
!Brand
!2021 sales
!2021 sales change
|-
|Quorn
|£170.3m
| -7.2%
|-
|Linda McCarthney
|£63.6m
| -4.6%
|-
|Cauldron
|£32.1m
|1.1%
|-
|Richmond
|£27.2m
|191%
|-
|The Tofoo Co
|£23.8m
|38.6%
|-
|Birds Eye Green Cuisine
|£19m
|64.8%
|-
|Vivera
|£17.3m
|4.8%
|-
|Beyond Meat
|£11.6m
|106.8%
|-
|THIS
|£11.3m
|333%
|}


== Fundraising ==
[[File:Revenue since launch.jpg|600x600px]]
As of 29th May 2022, the company is currently in the process of raising funds, and the funds will be used to accelerate growth through increased brand marketing, innovation, manufacturing and working capital.<ref name=":1" />


== Share classes<ref name=":1" /> ==
== Substantial accomplishments to date ==
The company has three classes of shares: Ordinary, Series A preference, and Series B preference.
[[File:THIS stats.png|600x600px]]


Series A preference and Series B preference shares rank equally, and carry a 1x non-participating preference. On an exit or liquidation, the holders of the preference shares will receive the amount of their initial investment back first, and the remaining proceeds will then be distributed amongst all ordinary shareholders. The preference shareholders will have the option to convert their preference shares into ordinary shares.
[[File:Grocery sales.jpg|600x600px]]


== Financials ==
== Monetisation strategy ==
Based on January 2022 sales<ref name=":0">based on unaudited management accounts.</ref>, annualised revenue is £17.5million.<ref name=":1" /> No revenue figures have been provided for the most recent four months, suggesting that annualised revenue is lower now than before (i.e. in January 2022).
THIS™ is on a mission to shatter meat-eaters preconceptions of plant-based food, one rasher or nugget at a time. THIS™ products are now available in over 10,000 retail points and restaurants across the UK (with around a 70:30 retailer/restaurant revenue split).


In terms of the source of the revenue, it's around a 70:30 retailer/restaurant split.<ref name=":1" />
Almost all of the brand's restaurant partners co-brand, which means they find it beneficial to call out THIS™ on their menus. That of course also helps raise THIS™ brand awareness and loyalty.
{| class="wikitable"
|+Income statement<ref name=":1" />
!Year/Item
!Year 1
!Year 2
!Year 3
!Year 4
|-
|Year end date
|31/12/2018
|31/12/2019
|31/12/2020
|31/12/2021
|-
|Revenue
|NA
|NA
|£5.5m<ref name=":0" />
|£11.8m<ref name=":0" />
|}


== Team<ref name=":1" /> ==
THIS™ is also listed with major wholesalers too, including Bidfood, Brakes, Wholegood, Blakemore, and VegExpress which supply to hotels, pubs, cafes, caterers, restaurants and independent shops, and rapid delivery retailers (including Getir, Gorillas, Zapp & GoPuff) nationwide.
 
As well as aiming to massively increase distribution, THIS™ is also investing heavily into building a formidable innovation engine within the company, so that they can deliver loads more plant-based innovation to the category.
 
[[File:Monetisation strategy.jpg|600x600px]]
 
== Use of proceeds ==
Topline aims are to accelerate growth, grow brand awareness, and drive trial and penetration (recruitment of new customers to plant-based). This investment will be used for:
 
* Brand marketing: in 2022, THIS™ plans to increase the marketing spend, focusing on Above the Line projects for the first time. They've achieved a huge amount with fun(ny) PR stunts and Instagram, but it’s time to get properly famous.
* Innovation: in 2022 THIS™ plan to build and launch a state-of-the-art innovation centre in West London. That will provide the Innovation team with a pilot production facility, Food Science Laboratory, and a fully equipped commercial kitchen.
* Manufacturing: throughout 2022 and alongside our manufacturing partners, THIS™ plans to invest in manufacturing equipment to support new launches and bring lasting efficiency savings to several product lines.
* Working Capital: these funds go to support revenue growth (i.e. trade debtors & inventory holding).
 
[[File:Caramelised Onion Tray Bake.jpg|600x600px]]
 
== Key information ==
 
=== Share classes ===
The company has three classes of shares; Ordinary, Series A preference, and Series B preference.
 
All investors in this round, including Seedrs, will receive Series B preference shares.
 
Series A preference and Series B preference shares rank equally and carry a 1x non-participating preference. On an exit or liquidation, the holders of these preference shares will receive the amount of their initial investment back first, and the remaining proceeds will then be distributed amongst all ordinary shareholders. The preference shareholders will have the option to convert their preference shares into ordinary shares.
 
=== Fundraise details ===
As part of this fundraise: (i) THIS has secured £3.26m from existing shareholders & institutional investors; and (ii) a further allocation is being made available to customers & investors via Seedrs, with a third party committed to invest up to £1.55m of any unfilled portion of the Seedrs allocation on the same terms as this campaign.
 
The third party is connected to Seedrs, but this should not be seen as an endorsement by Seedrs or any other party; investors must, as always, make their own investment decision.
 
== Investor perks ==
[[File:Investor rewards.jpg|600x600px]]
 
Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company and listed above.
 
== Team ==


'''Co-founder'''
'''Co-founder'''
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[[File:Mark Turner.jpg|none|thumb|Mark Turner]]
[[File:Mark Turner.jpg|none|thumb|Mark Turner]]
== Risks ==
As with any investment, investing in THIS carries a level of risk. Overall, based on the key risks highlighted below, the degree of risk associated with an investment in THIS is higher than in a company that's trading on a public market (such as Beyond Meat).
=== Early-stage investment ===
THIS is at one of the earliest stages of the business lifecycle, and the failure rate of companies at that stage is usually much higher than those at a later stage.
=== Illiquid investment ===
The number of transactions in shares of private companies is usually significantly lower than in public companies, typically resulting in it taking longer to sell shares in private companies at a price that is at least equal to the price that the shares were bought at. Accordingly, the THIS investment opportunity is considered to be higher risk than more liquid companies.


== Actions ==
== Actions ==
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== References ==
== References ==
<references />
[[Category:Thesis]]
[[Category:Equities]]
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