London-based vegan meal delivery startup allplants has recently secured a £38 million Series B funding round led by Draper Esprit, backers of Revolut, Cazoo and Trustpilot. The round is the biggest ever Series B raise by a D2C plant-based food company in Europe and follows record-breaking crowdfund and Series A rounds.
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.
As per the company press release, allplants’ continued growth is the result of serving the rapidly growing ‘plant-curious’, or flexitarian, consumer market already worth an annual £100 billion in developed markets and £10 billion in the UK alone. Founded by Jonathan Petrides and his brother Alex, the company’s revenues have more than doubled every year since launching in 2017. Each night, an allplants dinner is now consumed every second.
allplants will use the latest investment to increase its plant-based kitchen in Walthamstow, North London, to six times its current size, enabling it to meet an exploding direct-to-consumer UK market. It will also build scalable capacity for rapid distribution into other channels.
In addition, the funding round will enable a significant expansion of allplants’ team to bring in talent across the entire stack of the business, from additional culinary-school-trained chefs through to operations, innovation, marketing, and technology.
The recent raise will also allow allplants to innovate to new levels, creating an even wider selection of meals to meet all tastes and preferences among a growing customer base and developing a broader range of product categories.
allplants’ plant-based meals are delivered across the entirety of Great Britain. The model combines convenience with delicious, healthy food and enables environmentally aware customers to easily reduce their impact on the world through small, delightful adjustments to their eating habits.
Jonathan Petrides, founder and CEO of allplants, said: “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.
“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.”
Nicola McClafferty, partner, Draper Esprit, said: “This is an extremely exciting investment for Draper Esprit. allplants is uniquely positioned at the intersection of some of the fastest growing areas in food consumption today: high quality, plant-based meals that deliver on taste, sustainability and nutrition in an incredibly convenient way for consumers.
“JP and the team have established a stellar brand with very clear values, incredibly strong growth and a loyal customer base. allplants has real potential to scale its direct-to-consumer business while expanding into new channels both in the UK and beyond. We believe it can be a global brand, bringing nutrition, taste and convenience to the plant-curious consumer and we are delighted to be supporting the team as they grow and thrive.”