A record-breaking £38 million in funding has been raised by London-based vegan meal service allplants, and it could lead to major moves in plant-based innovation.
Plant-based food company allplants has secured a record-breaking £38 million Series B funding round.
The round is the biggest ever Series B raise by a plant-based food company in Europe and follows record-breaking crowdfunding and Series A rounds.
The funding follows three consecutive years of triple-digit revenue growth for the meal delivery service.
What does the investment mean for allplants?
allplants will use the investment to increase its plant-based kitchen in North London to six times its current size, which will allow it to meet the exploding demand for plant-based meals. It will also build scalable capacity for rapid distribution into other channels.
The funding round will also allow for a significant expansion of the allplants team to bring in talent across the entire business, from expanding its team of trained chefs through to operations, innovation, marketing, and technology.
The impressive raise will also allow allplants to innovate to new levels, creating an even wider selection of meals to meet all tastes and preferences, as well as developing a broader range of product categories.
Jonathan Petrides, founder and CEO of allplants, says: “In the five years that we have been cooking, we’ve seen the demand for plant-based food explode.
“We’ve got a tonne of exciting plans to bring the movement to even more people’s kitchens, and this investment will allow us to do just that.”
He added: “Food choices are deeply personal, so quality and taste will always come first for us – it’s the driver of everything we do, and what makes it so easy for our customers to include more plants in their diets without the compromise.
“We can now imagine, create and serve up many more delicious recipes and products, to ultimately accelerate the transformative impact that plant-based living will have on the future of our planet.”
The investment round was led by Draper Esprit, backers of Revolut, Cazoo and Trustpilot.
Other new investors in the round include purpose-driven CPG fund The Craftory, Silicon Valley-based TriplePoint Capital, plus international England footballers Chris Smalling and Kieran Gibbs, and Cassandra Stavrou MBE, who founded the UK’s leading independent snack company PROPER Snacks.
Existing investors Felix Capital (the venture fund behind Oatly, Deliveroo and Peloton), and Octopus Ventures – early backers of Cazoo, Zoopla and Depop – also participated.
Based on a spirit of inclusive and accessible ways to introduce more plant-based meals into your diet, allplants aims to be ‘judgement-free’ and appeals strongly to the rapidly growing ‘plant-curious’ or flexitarian market.
The brand’s relevance and accessibility is reflected in the fact that over two-thirds of allplants customers aren’t vegan or veggie at all, but just looking for ways to enjoy more plants.
allplants also displays a market-leading retention rate – around 75% of turnover comes from repeat customers – and have calculated that each night an allplants dinner is consumed every second.
allplants’ plant-based meals are hand-made 24 hours a day by 140 skilled chefs in the company’s own kitchen – Europe’s biggest plant-based kitchen running on 100% renewable energy – and delivered across the entirety of Great Britain.
The model combines convenience with delicious, healthy food, and a way for environmentally aware customers to easily reduce their impact on the world through small, delightful adjustments to their eating habits.
Inspired by allplants’ plant-based meals? Check out our top 30 meat-free meals for the whole family.