Vegan meal delivery startup from London allplants secures a £38M Series B round

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.

Click here to read the full article.