Our mission is to become the market leader for high quality plant-based cheese.
- Multi-award winning products, used by Michellin star chefs.
- Growing market worth over £1.93bn globally
- Over 11k DTC customers & 75+ B2B customers.
- State-of-the-art facility ready to support growth to 2024.
Our mission is to create great tasting products in a sector with an infamously bad rep.
Whilst consumers increasingly turn towards flexitarian and plant-based diets in a bid to reduce their environmental impact, plant-based alternatives for milks and meats are tasty and widely available. Unfortunately, that is not the case for cheese, and this is the problem we want to solve...
After recognising this problem when adopting a plant-based diet in 2018, I began experimenting to create a novel production technique by combining starch & hydrocolloid technology with traditional cheese making techniques, with some of our cheeses aged up to 4 weeks. This results in cheeses that can melt but also mature to develop flavours and textures associated with dairy cheese.
The range currently includes an award winning plant-based Veganzola Blue cheese, alongside Camembert (Shamembert), Brie (Bree), and Boursin (Herbi) alternatives.
Substantial accomplishments to date
Since starting as a one man band in 2019, we've made a lot of progress:
· Grown revenues by >11x between Y1 and Y3*
· Over 11,500 online customers with a repeat customer rate of 24%
· A total of 75+ regular B2B Customers (last 6 weeks)
*based on unaudited management accounts.
Reviews & Recognition:
World Plant-Based Taste Award - Cheese Alternative Category - Winner (Blue)
World Plant-Based Taste Award - Cheese Alternative Category - Finalist (Shamembert)
We have established a state of the art, plant-based cheese kitchen in North London, which we believe gives us the capability to support the next 24 months of expansion (up to £4m revenue PA).
Investors & Advisors:
JP & Alex Petrides (AllPlants Founders) as Investors, offering their support and network as a plant-based manufacturing business based in North London.
Tim Rowcliffe (Rowcliff & Son) as an investor & sales adviser drawing on his years of experience and network.
As well as our backers, we are also working with some fantastic food scientists with backgrounds at M&S and the Coconut Collaborative.
Our core business is the development, production and sale of plant-based cheese.
The plant based cheese market in the UK was estimated at just over £225m back in 2019, and £1.93 billion pounds globally in 2021, with studies estimating between an 8.1 and 15.5% Compound annual growth rate through to 2027.
Our current revenue split (FY 2022) is predominately direct B2B (independent retailers and food services) at ~40% and D2C (online shop and markets) at ~55%. The remaining ~5% is the nurturing of initial wholesale relationships which we plan to grow over the next 12 months and beyond as we look to move into National Wholesaler relationships.
Support by New Product Development:
We're excitedly working towards launching Cheddar, Feta, and Stilton alternatives over the coming months to support our growth over the next 12 months.
Use of proceeds
With target funds being reached, we intend to spend investment on:
· 38% New Hires (Spanning Sales, Operations, Marketing, technical and Admin functions)
· 25% Marketing Inc. Trade shows
· 20% NPD & Food Safety
· 8% Rebranding; a new visual identify to really bring our brand and mission to life.
· 6% working capital
· 3% Professionalising Governance
We will use any additional funds to accelerate our NPD pipeline.
A portion of the investment reflected in this campaign was received by the Company in the 6 months prior to the launch of the investment round on Seedrs and the Company has started putting this to use.
Size of Fundraise:
The Company are currently in ongoing negotiations with investors who may participate in this round. The Company is looking to raise up to £1M in this round.
Material Debt & Finance Facilites:
The company has the following outstanding loans:
1. £15,000 non-interest bearing Founder loan from Beth Moore. The loan is bing repaid in monthly instalments of £500.
2. £25,000 loan from Natwest at an interest rate of 11.38% per annum. The loan is to be repaid by August 2024. The outstanding balance of the loan stands at £13,840, and is being repaid in monthly instalments.
3. £50,000 bounce back loan from Natwest at an interest rate of 2.5% per annum. The loan is to be repaid by May 2026. The outstanding balance of the loan stands at £41,795, and is being repaid in monthly instalments.
The company has the following financing facilities:
4. £9,565.20 Lease Purchase Agreement from Lombard. The debt is to be repaid by May 2023. The outstanding balance stands at £7,725, and is being repaid in monthly instalments of £305.
5. £31,304 Lease Purchase Agreement from Lombard. The debt is to be repaid by September 2023. The outstanding balance stands at £27,558, and is being repaid in monthly instalments of £976.
6. £9,000 Lease Purchase Agreement from Lombard. The debt is to be repaid by February 2025. The outstanding balance stands at £8,778, and is being repaid in monthly instalments of £285.
7. £69,800 Lease Finance Facility from DLL Financial Solutions. The debt is to be repaid byAugust 2026. The outstanding balance stands at £65,000, and is being repaid in monthly instalments of £1,285.
8. £22,000 Advanced Payment Facility from PayPal Finance. The outstanding balance stands at £17,000, and is repayable through 30% of PayPal revenues.
9. £45,000 Advanced Payment Facility from You Lend. The outstanding balance stands at £36,000, and is repayable through 17% of online revenues.
The funds raised from this investment round will not be used to repay these loans.
Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.
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