THIS™ makes award-winning plant-based food for meat-lovers.
Business highlights
- Fastest growing plant-based meat brand in the UK (333% YoY)
- £17.5 million annualised revenue after just 2.5 years of trading[1]
- 10,000+ retail distribution points across all major UK retailers
- Partnerships with many of the UK's flagship restaurant chains
Introduction
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THIS™ makes plant-based products, designed to make animal-based products feel like a massive waste of money.
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:
£5.5m in year 1 (2020)[1]
£11.8m in year 2 (2021)[1]
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.
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.
Substantial accomplishments to date
Monetisation strategy
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).
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.
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.
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).
Key information
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
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
Andrew Shovel
Co-Founder
Pete Sharman
Managing Director
Mark Turner