Vegan Ready Meals Company Secures Record-breaking Raise Through £38m Series B Round

Plant-based ready meals brand allplants has secured a record-breaking £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 plant-based food company in Europe and follows record-breaking crowdfund and Series A rounds.

Other new investors in the round include purpose driven fund The Craftory, Silicon Valley-based TriplePoint Capital, plus footballers Chris Smalling and Kieran Gibbs, among other investors.

The company's continued growth is the result of serving the rapidly growing ‘plant-curious’, or flexitarian consumers - a market already worth £10 billion in the UK alone.

Founded by Jonathan Petrides and his brother Alex, allplants' 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 distribution into retail channels.

The record-breaking raise will also allow allplants to innovate to new levels, creating an even wider selection of meals and developing a broader range of product categories.

Already serving breakfast, lunch, snack, treat and dinner ranges, allplants will continue to expand into new eating and cooking occasions.

allplants’ plant-based meals are hand-made 24 hours a day by 140 skilled chefs in the company’s own kitchen – Europe’s biggest plant-based kitchen running on 100% renewable energy – and delivered across the UK. The meals are convenient, delicious and healthy. They help environmentally aware customers to easily reduce their impact on the world through small adjustments to their eating habits.

Two-thirds of allplants customers aren’t vegan or veggie at all, but just looking for ways to enjoy more plants.

Introducing more plant-based meals into diets is the most impactful way people can reduce their environmental footprint. Just one additional day of plant-based eating per week reduces the average UK consumer’s total annual food carbon footprint by more than 10%. 

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.”