Meat-free brand VFC has received a £6m ($7.432m) investment from vegan-focused investment firm Veg Capital.
With the funding from Veg Capital, VFC, the meat-free brand, has plans to expand both domestically and internationally. VFC has expressed openness to accepting further investment from other companies, even though Veg Capital is currently the sole investor.
Matthew Glover, who is the Founder of VFC, leads Veg Capital, which invested £7.5m into the meat-free brand in 2022 and £2.5m in 2021.
Expanding beyond the UK, the vegan company currently operates in the Netherlands and the US, and has plans to enter the Nordic countries, Belgium, and Spain, with further expansion on the horizon for France, Germany, and Australia. VFC is also set to invest in adjacent categories, such as the chilled aisle, later this year.
In 2020, Matthew Glover and Adam Lyons launched their brand and in 2021, it won distribution in Tesco. The brand’s coverage has since increased tenfold in the last six months, but no specific figures were given in the statement. The brand has also expanded its distribution to include Sainsbury’s, Asda, Morrisons, Ocado, and Waitrose.
VFC CEO Dave Sparrow said, “We’ve had an awesome journey so far, with the past six to 12 months really shaping the future success of the business. Veg Capital has been a fantastic partner for the VFC team and we are hungrier than ever to realise the full potential of the brand and remove animals from the food chain. We will continue to unlock more shelf space across our global market, building on our existing frozen range, stretching into different meal occasions and adjacent categories with the incredible NPD pipeline our team has built.”
Additionally, the brand has been introduced to the Dutch supermarket chain Albert Heijn, as well as UK wholesalers.
“The business is open to further investment and we would welcome the opportunity to speak with investors who are as excited about the future of VFC as the team who are driving it,” Sparrow added.