The Covid19 pandemic has accelerated the shift to online retailing and one of the beneficiaries of this move in the UK is TheVeganKind (TVK).
The online supermarket which launched in 2013, had an excellent 2020 and off the back of that success has now secured £3.5m in Series A funding from Literacy Capital Plc.
It claims that the raise is the biggest funding round ever for a vegan retail company in the UK. It has earmarked the money to support additional retail and consumer experience to help the existing team take the business forward.
Last year was a busy one for the company. Increased demand for its home delivery services enabled it to relocate to a new 35,000 sq ft facility in Glasgow. Earlier this year it debuted vegan convenience meal range Love Plants which is a collaboration with plant meat product THIS Isn’t Chicken.
TVK’s co-founder Scott McCulloch said the funding would open up many new opportunities for the company.
“While we have moved mountains in the last seven years, helping take veganism mainstream, this raise will allow us to ramp up considerably, investing in our people, inventory, infrastructure, marketing and more,” he said.
“At The Vegan Kind, we all know that the world needs more people to go vegan or plant-based, and we want to show them just how easy it can be. We have lots of exciting developments in the works such as TVK Health, and hundreds of new brands and products waiting to be listed. We have much to do, and we cannot wait to get to work.”
PwC advised The Vegan Kind on the raise through its early stage division PwC Raise | Ventures.
Glen Waters, head of PwC Raise | Ventures said: “TheVeganKind’s growth story is exceptional given they were bootstrapped up until March 2020 and as a team have continued to demonstrate how capable they are, as they look to take the business to that next level.”