Veggie bacon maker This secures new funding to grow meat-alternatives business
Meat alternatives startup THIS, which makes pea and soy-based products, on Wednesday secured new investment to expand.
The firm, which is behind goods such as ‘This isn’t bacon' rashers, said it has raised £4.7 million in a funding round led by London-based fund Backed. Among the list of other backers is Five Seasons Ventures and Seedcamp.
London-headquartered THIS was founded in 2018 by Andy Shovel and Pete Sharman. The pair, who had exited beef burger chain Chosen Bun, wanted to create realistic chicken and bacon meat-alternatives. Today the brand is stocked by firms such as Ocado.
The latest investment will be used towards a new research and development centre and more staff.
Alex Brunicki and Andre de Haes, partners at Backed said: "Food sustainability is a topic we care a great deal about.”
Carlos Espinal, Seedcamp’s managing partner, said the THIS products “not only address increased consumer demand for meat-free alternatives, but also help contribute towards building a more diverse and sustainable food supply-chain that has already attracted the interest of many top retail brands”.
