allplants Secures $52M Funding for Plant-Based Meals

Allplants Secures £38 Million in Series B Funding

The plant-based meal delivery service, Allplants, has successfully raised £38 million (approximately $52 million) in a Series B funding round. This investment was spearheaded by Draper Esprit and will be utilized to expand its reach to more U.K. consumers with convenient, plant-based meals.

Record-Breaking Investment for Plant-Based Sector

This funding round represents the largest Series B investment ever received by a plant-based food company operating within Europe. It underscores the increasing investor confidence in the growing demand for sustainable and healthy food options.

Previous Funding Rounds

Prior to this latest round, the London-based company secured $7.5 million in Series A funding in 2018. Additionally, Allplants previously leveraged the equity crowdfunding platform Seedrs to obtain further investment.

Significant Revenue Growth

Since its inception in 2017, Allplants has experienced substantial revenue growth, with sales more than doubling year after year.

New and Existing Investors

Alongside Draper Esprit, the Series B round attracted several new investors. These include The Craftory, a consumer packaged goods fund focused on purpose-driven brands, and TriplePoint Capital, a Silicon Valley-based firm.

Notable individual investors also participated, such as Chris Smalling and Kieran Gibbs, professional England footballers, and Cassandra Stavrou MBE, the founder of Proper Snacks, a U.K. snack company.

Existing investors Felix Capital, known for its investment in Oatly, and Octopus Ventures also contributed to the round.

Growing Demand for Plant-Based Alternatives

Increasing awareness regarding the environmental consequences of meat production is fueling a surge in interest towards plant-based alternatives throughout the Western world.

Consequently, numerous startups are developing a diverse range of convenient meat alternatives, encompassing direct-to-consumer meal delivery services like Allplants and plant-based meat products, potentially even becoming components within Allplants’ offerings.

Expanding "Plant-Curious" Market

Allplants attributes its success to the expanding market of “plant-curious” or flexitarian consumers. This demographic is currently valued at £10 billion in the U.K. and £100 billion across developed markets annually.

While currently focused on the U.K. market, the company has expressed ambitions for international expansion.

Expansion of Production Facilities

The newly acquired funds will be directed towards expanding Allplants’ plant-based kitchen in Walthamstow, North London. The facility will be increased to six times its current size to accommodate the growing demand.

Operational Capacity and Meal Preparation

The company currently employs 140 chefs who operate around the clock to prepare meals. These meals are delivered frozen to consumers, requiring only reheating in an oven or microwave for convenience.

Diverse Menu Options

Allplants offers a comprehensive range of dishes, including options for breakfast, lunch, snacks, treats, and dinner. The menu features diverse world cuisines, such as curries, chillis, pasta, and risotto, all incorporating vegan protein sources like vegan cheese, tofu, beans, or vegan chorizo.

Customizable Meal Boxes

Customers can create personalized boxes containing six meals, selecting from the available dishes and choosing portion sizes suitable for one or two people.

Specialized Meal Bundles

The startup also provides curated bundles, such as options featuring exclusively “meat substitute” meals or a selection of “cheesiest” dishes (utilizing 100% vegan cheese), catering to varied preferences.

Environmental Impact of Plant-Based Diets

Allplants emphasizes that transitioning from meat-based meals to plant-based alternatives is a significant step towards reducing an individual’s environmental impact. Adopting just one additional plant-based day per week can reduce a U.K. consumer’s annual food carbon footprint by over 10%.

Future Distribution Plans

Beyond direct-to-consumer delivery, Allplants intends to develop scalable capacity for distribution through other channels. This suggests potential expansion into retail outlets, such as supermarkets, in the future.

Team Expansion and Product Development

The funding will also support a substantial expansion of the Allplants team, with hiring planned across all departments, including culinary, operations, innovation, marketing, and technology.

Furthermore, the company plans to broaden its meal range and explore new product categories to cater to a growing customer base.

Statements from Leadership

Jonathan Petrides, founder and CEO of Allplants, stated: “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.”

Investor Perspective

Nicola McClafferty, partner at Draper Esprit, commented: “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 U.K. 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.”