THIS, a plant-based meat replacement company, has claimed title to the fastest ever securities offering raising £1.5 million on Seedrs. As well, TRHIS is the fastest ever FMCG business to hit its target that was pegged at £2 million. THIS had revealed the forthcoming securities round and accepted investment registrations prior to listing the offering live to the public.
According to the offering page, THIS was funded on August 6th, closing at £3.78 million backed by 1,797 investors. The Foodtech firm was offering a convertible holding a 20% discount on a future priced funding round. THIS has previously raised £5.6 million in venture funding.
In an email, THIS told Crowdfund Insider:
” [We are] on a mission to shatter meat-eaters’ preconceptions of plant-based food, one rasher or nugget at a time, THIS plan to accelerate growth, build a Willy Wonka–esque plant-based innovation centre, launch new products and launch in two more of the ‘big four’ supermarkets.”
The popularity of the securities offering was due in part to the hot Foodtech market as well as reports by THIS that it has experienced dramatic growth in the past year of about 700%. According to THIS, their core products (chicken and bacon replacements) are now in over 2000 retail stores and restaurants. Two additional big supermarkets are in the queue to add the company’s products to their shelves later this year.
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