UK plant-based meat startup THIS raises £3.5m

THIS, a UK-based plant-based meat alternative producer, has raised £3.5m after launching a Seedrs campaign.

It plans to use the proceeds to boost its growth and innovation capabilities.

It will also use the proceeds to increase its manufacturing capabilities by setting up a new innovation centre and boost its portfolio.

The firm crossed its £2m target before the Seedrs campaign was completely launched to the public; the round still has around 38 days before completion.

The investment round saw the participation of Backed, Five Seasons Ventures, Idinvest Partners, Seedcamp and Manta Ray Ventures.

Earlier this year, Manta Ray Ventures backed the plant-based meat startup when it raised £4.7m.

Alongside footballer Chris Smalling, Veg Capital, a vegan investment fund, also invested in the latest Seedrs campaign.

THIS intends to invest £1m in the innovation centre located in London. It will feature textural, sensory, and other necessary processing equipment.

The centre will include a team of food scientists, flavourists and engineers.

The firm plans to introduce ten products annually for three years across several food categories.

The business was launched in June 2019 and now its products are available in more than 2,000 stores and restaurants.

THIS plans to launch its products in two major supermarket chains in the UK later this year.