Plant-based burger maker Meatless Farm is turning to retail investors with the launch of a £5mln crowdfunding programme.
The Yorkshire-based company is offering stakes for a minimum of £10 each, after raising a total of £38mln in the last three years from larger investment outfits.
The group, whose products can be found in most UK supermarkets, saw sales rocketing 150% last year and targets revenue of up to £30mln in 2021, though it remains loss-making.
“We are reaching a tipping point,” founder Morten Toft Bech was reported as saying by The Guardian. “We could reduce around 8% of the UK’s total emissions if we all ate just one less meat meal per week.”
The cash call comes at a strong time for plant-based products as consumers increasingly look for more environmentally friendly and healthier products.
Brands are tapping into the new opportunity as nearly half of the world’s consumers are cutting their intake of animal-based products without following a strict vegan diet.
Big household names such as Nestlé and Danone have already launched their own plant-based lines, while faux-milk maker Oatly Group AB (NASDAQ:OTLY) made a stellar market debut last month as investors want a piece of the action.