Plant-based meat brand The Meatless Farm Co has raised $31 million in a funding round to support its international growth strategy.
The Meatless Farm Co, founded in 2016 by Morten Toft Bech, an entrepreneur and investor, has grown rapidly to become the UK’s fastest-growing plant-based meat brand. It has expanded to the US, Australia, and a number of other countries.
Pub chain Wetherspoons featured its patty in its vegan burger last year, and this summer, Meatless Farm did a trial run at opening a drive-thru. They were one of the finalists for the first-ever World Plant Based Awards, in the Best Plant Business category.
Bech told Vegconomist: “More and more people are looking to reduce the amount of meat they eat, both for health and environmental reasons.”
Meatless Farm’s range is high in protein, a source of fibre, gluten-free, and contains zero cholesterol. “(We’re) at the forefront of this change. Whether you are vegan, vegetarian or flexitarian, our range is suited to those who want to improve their eating habits, while still enjoying food that their meat-eating friends or family would recognise.”
Vegconomist also reported that the plant-based meat brand’s sales have gone up 149% “during the 12 weeks to 25 January 2020” compared to the same period last year, courtesy of data from industry analysts Nielsen. It added that the plant-based meat sector “is growing at 9.6% a year”.
The $31 million funding comes from a range of investors committed to sustainable investing. These include Beyond Investing, Channel Four Ventures, Stray Dog Capital and Elkstone Partners.
